Members to Receive $52 million in Patronage Returns
CALGARY, Feb. 8 /CNW/ - Financial results for the Calgary Co-operative
Association Limited (Calgary Co-op) for its financial year ended November 3,
2007, show sales grew to almost $1 billion (not including travel sales), from
$884.0 million in 2006. Earnings before income tax and patronage returns to
members were $67.3 million compared to $43.9 million in 2006, and assets
increased to $352 million from $314 million in the previous year. Membership
continued to grow from 413,000 in 2006 to 425,350 in 2007.
"Sales, margins and overall profitability grew in 2007, resulting in a
very positive year for Calgary Co-op," says chief executive officer, Ken
McCullough. "This is the result of continuing member loyalty and the
unwavering commitment of our employees to provide top-notch service, selection
and value as we continued to face staffing shortages in 2007 as the result of
Calgary's hot economy and competitive job market."
In 2007, Calgary Co-op completed a multi-million dollar renovation to its
Beddington Centre and mall complex, began a major renovation at its Monterey
Centre, moved its head office into its new location at Macleod Trail South,
and opened a new gas bar with convenience store and car wash in the northwest
Calgary community of Montgomery. Future development sites were also secured
for new food centres, gas bars, pharmacies and liquor stores as Calgary Co-op
continues to grow and expand operations to service the community.
"We are extremely pleased with our financial results for 2007, which will
also benefit our members in the form of a higher patronage return for 2007,"
remarks Stuart Cantrill, Calgary Co-op board chair. "With the increasing
challenges of staffing shortages and a highly competitive retail food
industry, our management team and employees are to be commended for their hard
work and determination in ensuring that our co-operative continues to
experience success in all facets of its operations."
For 2007, Calgary Co-op members will share $52 million in annual
patronage returns (compared to $33 million in 2006), based on the total volume
of grocery/retail, fuel and travel purchases they made at Calgary Co-op during
the past financial year. The overall patronage return rate for 2007 is 5.81
percent, compared to 4.06 percent in 2006. Since 1956, Calgary Co-op has
returned over $515 million to members in the form of patronage returns - a
practice unique to co-operatives, which share their annual profits with their
Also in 2007, Calgary Co-op donated over $1.7 million to local charities,
non-profits, and programs for youth in the community in the form of products,
cash and in-kind donations.
Locally owned and operated, Calgary Co-op is one of the largest retail
co-operatives in North America with 425,350 members and 4,000 employees. It
operates 22 retail food centres, 22 pharmacies, 26 gas bars, 15 liquor stores,
and nine travel offices, in the communities of Calgary, Airdrie, Strathmore
and Okotoks, Alberta.
For further information:
For further information: Donna Burn, Vice President, Member and Public
Relations, Calgary Co-operative Association Limited, Telephone: (403)
219-6025, ext. 6258; Ken McCullough, Chief Executive Officer, Telephone: (403)