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Industry NewsCalgary Co-op sales up 7+% vs. YA

Calgary Co-op sales up 7+% vs. YA

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Calgary Co-Op total sales for the year ending October 29, 2022, increased 7.3 per cent to $1.32 billion versus $1.23 billion the previous year.

Net earnings for 2022 were $38 million versus $30 million in 2021. The retail co-operative approved payment patronage returns of $26 million in 2022 versus $21.8 million returned to members in 2021. The portion of the patronage returns paid in cash was $19.7 million (compared to $16.5 million in 2021) with $6.3 million paid in shares (compared to $5.3 million in 2021).

The member refund was based on a 2 per cent refund based on purchases at food centres, pharmacies, convenience stores, health care centres, wine, spirits and beer and cannabis locations (with the same allocation rate as in six cents per litre refund based on fuel purchases.

“Serving our members and community remains essential to our vision and contributes to our commitment to long-term, positive business transformation, said Brad Krizan, board chair. “We are dedicated to supporting our membership and community in innovative ways and prioritizing the long-term sustainability of our business.”

The financial results were presented during Calgary Co-op’s AGM, where three new directors were elected to the board to serve a three-year term: Victoria Bradbury, Elliot Bridgewater and Gael MacLeod join the 2023-2024 board, which includes board chair Brad Krizan, vice chair Ken White, Mike Dalton, Dominique Gregoire, Evan Hu and Bryan Walton.

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