Calgary Co-op 2023 financial results, annual report and 2024 director election results

A private meeting was held at the Glenmore Inn Calgary in April 11, 2024

CALGARY, AB, April 12, 2024 /CNW/ – Calgary Cooperative Association Limited (“Calgary Co-op“) held its Annual General Meeting (AGM) last night and is pleased to share its 2023 financial results, annual report and 2024 director election results.

Board of directors

Three directors have been elected to the board to serve three-year terms on the Calgary Co-op Board of Directors: Dominique Gregoire, Miranda Keating-Erickson and Brad Krizan. The Calgary Co-op Board of Directors for 2024-2025 consists of nine directors, including its new members: Brad KrizanChairman of the Board; By Ken WhiteDeputy Chairman; Victoria E. Bradbury, Elliot Bridgewater, Mike Dalton, Dominique Gregoire, Miranda Keating-Erickson, Gael McLeod and Brian Walton.

“Listening to the community and making informed choices that best serve our membership and business is at the heart of what we do,” he said. Brad Krizan, Board Chair, Calgary Cooperative. “We are committed to helping businesses transform in a sustainable and responsible way, while further enhancing the value of membership. Congratulations to our new directors and a heartfelt thank you to everyone who participated in this year's director election.”

Financial results

Total sales for the year ending October 28, 2023formed $1.303 billioncompared to $1.284 billion in 2022.

There was a net profit in 2023 $16.7 million compared to $38.7 million In 2022, mainly due to operating costs, as well as inflationary pressures due to lower sales and margins in the liquor and food industries as households respond to the inflationary environment.

The Board of Directors approved the payment of patronage refunds in the amount of $21.2 million In 2023, part of the patronage returns were paid in cash $17.7 million with $3.5 million paid in shares. Members of the Calgary Co-op have found success six cents per liter on fuel purchases, three percent on pharmacy and home health and one percent on all eligible purchases at grocery stores, wine, spirits, beer, convenience stores and cannabis locations.

The story continues

Full financial results are included in the 2023 Annual Report available at https://www.calgarycoop.com/about-us/annual-reports.

Highlights of 2023

From his latest purchases Willow Park Wines & Spirits and Care pharmacies, its redevelopments and planned new locations Cochran and Marda cycle, the Calgary Co-op continues to focus on providing more value to its members and ensuring the long-term sustainability of the co-op. Throughout 2023, Calgary Co-op has strengthened its commitment to service, local products and members supporting all of its retail banners, with a focus on launching a revamped membership program with its new member-exclusive Calgary Co-op app.

“Our 400,000 members and 3,850 team members are at the heart of everything we do at the Calgary Co-op,” he says. Ken Keelor, CEO, Calgary Co-op. “We want to thank our members for their loyalty to our cooperative and for helping to make it the best it can be. In 2023, we continued to grow our business, giving our members additional ways to shop, save and find, events and opportunities to support the communities our members serve.”

The Calgary Co-op continues to focus on food security and support vulnerable populations through its member-based giving strategy. In 2023, Calgary Co-op made even more donations on behalf of its members $3 million food and funds to local community partners. In addition, Calgary Co-op also supports local producers with more than 2,400 local products, supports the market in local assortment, supporting more than 300 local producers represented in Calgary co-op stores.

About the Calgary Cooperative

Member-owned, Calgary Co-op is one of the largest retail co-ops North america. Places Calgary, Airdrie, Cochran, High river, Okotoksand Strathmore include grocery stores, pharmacies, gas stations, car washes, home health centers, wine, spirits and beer locations and cannabis. Additionally, Calgary Co-op operates Community Natural Foods, Beacon Pharmacies and. Willow Park Wines & is the beneficial owner of Spirits and Care pharmacies.

It has more than 400,000 members, 3,850 employees, and assets $700 million and annual sales $1.3 billion, Calgary Co-op strives to deliver exceptional customer experiences through inspired team members. For more information, visit this site www.calgarycoop.com.

SOURCE Calgary Co-op

For media downloads, see original content: http://www.newswire.ca/en/releases/archive/April2024/12/c4964.html