Calgary Co-op reports net earnings of $16.7M for fiscal 2023 amid inflationary pressures
Calgary Co-operative Association Ltd. reported net earnings of $16.7 million for fiscal 2023, down from $38.7 million in the prior year.
The co-operative said the change was due to inflationary pressures on operating costs and sales and margins in its liquor and food lines of business.
Sales came to $1.3 billion for the year ending on October 28, up from $1.28 billion in 2022.
Calgary Co-op held its annual generation meeting Thursday (April 11) to share its financial results for 2023, annual report and results of the 2023 director election.
Three directors have been elected to the board to serve a three-year term: Dominique Gregoire, Miranda Keating-Erickson and Brad Krizan.
The 2024-2025 Calgary Co-op board of directors, including its new members, consists of nine directors: Brad Krizan, board chair; Ken White, vice-chair; Victoria E. Bradbury, Elliot Bridgewater, Mike Dalton, Dominique Gregoire, Miranda Keating-Erickson, Gael MacLeod and Bryan Walton.
The board approved the payment of patronage returns in the amount of $21.2 million in 2023. The portion of the patronage returns paid in cash was $17.7 million with $3.5 million paid in shares.
Calgary Co-op members earned six cents per litre on fuel purchases, 3% on pharmacy and home health care, and 1% on all eligible purchases at food centres, Wine, Spirits, Beer, convenience stores, and cannabis locations.
“Our 400,000 members and our 3,850 team members are at the heart of everything we do at Calgary Co-op,” Ken Keelor, CEO of Calgary Co-op, said in a release. “We would like to thank our members for their continued loyalty to our co-operative and for helping to make it the best it can be. In 2023, we continued to grow our lines of business, provided our members with additional ways to shop, save and earn, events, and opportunities for our members to support the communities we serve.
