Many recent achievements have contributed to Calgary Co-op's ongoing financial success
CALGARY, March 10, 2014 /CNW/ - Financial results for Calgary Co-operative Association Limited (Calgary Co-op) financial year ending November 2, 2013 show an increase in sales of 2.0%. Earnings for the year were $1.187 billion, up from $1.164 billion in 2012. Assets total $486 million compared to $457 million in 2012. Earnings before income tax and patronage returns to member-owners were $61.8 million compared to $54.8 million in 2012.
Member-owners continue to share in Calgary Co-op's financial success; a total of $34 million in member refunds was distributed this year ($10.7 million was paid in share equity and $23.3 million was paid in cash).
"We're celebrating record annual sales and our second most profitable year ever," said Deane Collinson, Chief Executive Officer at Calgary Co-op, "This positions us well for continued growth in an increasingly competitive market."
In September Calgary Co-op re-launched their anchor store in Northwest Calgary; the Crowfoot Co-op food store is a 72,000 square foot store complete with a new Fresh to Go kitchen that employs a team of in-house chefs, a Local Roast coffee bar, a new World Foods section, a new fresh bakery case, an impressive meat and seafood department and a stand-alone cheese island. This location will be the model for excellence moving forward.
In 2013 Co-op Wines, Spirits and Beer opened the new Shawnessy tasting centre. Co-op Pharmacies received national recognition for their professional services. Several Co-op Gas Bar locations received upgrades, including an extensive renovation of the Forest Lawn location. Co-op Travel continued to offer online booking options and expertise from a seasoned team of travel professionals. Co-op Home Health Care responded to the expanding needs of members by introducing new products and services.
In an increasingly competitive grocery retail market Calgary Co-op will continue to focus its food business on being the best at fresh. The organization will strengthen its balance sheets and invest capital to position stores for continued growth.
About Calgary Co-op
Owned by our members, Calgary Co-op is one of the largest retail co-operatives in North America. With over 440,000 members, 3,500 employees, assets of $485 million and annual sales over $1.1 billion, Calgary Co-op is committed to lead in food; petroleum; home health care; pharmacy; wine, spirits, beer and travel. In 2013, through the Co-op Community Foundation and community initiatives, Calgary Co-op invested over $4.2 million into local youth programs, education, environment, preventative health and poverty relief. For more information please visit www.calgarycoop.com
SOURCE: Calgary Co-Operative Association Limited (Calgary Co-op)
For further information:
Calgary Co-operative Association Limited
403-219-6025, ext. 6137