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COMMUNITY: Calgary Co-op members to receive $52 million
        (AlbertaIndex, February 11, Monday) --- Members of the Calgary Co-operative Association Limited, or Calgary Co-op, can look forward to receiving $52 million in ‘patronage’ returns, thanks to last year’s strong financial performance.
        For the financial year ended November 3, 2007, the Co-op said sales grew to almost $1 billion (not including travel sales), from $884 million in 2006.

Earnings before income tax and patronage returns to members were $67.3 million compared to $43.9 million in 2006, while the value of assets increased to $352 million from $314 million in the previous year.

Membership grew from 413,000 in 2006 to 425,350 in 2007. Members will share $52 million in annual patronage returns, up from $33 million in 2006, based on the total volume of grocery, fuel and travel purchases they made at the Co-op.

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 members.

"Sales, margins and overall profitability grew in 2007, resulting in a very positive year for Calgary Co-op,” said CEO 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.”

Last year, the 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 the 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,” said 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.”

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 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.

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