Calgary Co-op Posts 2020 Financial Results, Annual Report and 2021 Director Election Results

Formal AGM being rescheduled due to current COVID-19 safety measures

CALGARY, AB, April 9, 2021 /CNW/ - Calgary Co-operative Association Limited ("Calgary Co-op") has postponed its 64th Annual Meeting (AGM) due to gathering restrictions of the COVID-19 pandemic, but is pleased to post its 2020 Financial Results, Annual Report and the results of the 2021 Director Election at this time.

It is Calgary Co-op's hope to proceed with the AGM on or before June 30, 2021, with the goal of accommodating an in-person format provided it is safe to do so. The deadline to receive member proposals will therefore be extended pursuant to 4.10 of Calgary Co-op's Bylaws. 

Calgary Co-op is pleased to share the following results regarding the 2021 Director Election, the 2020 Financial Results and highlights of its 2020 Annual Report.

Board of Directors
Three directors have been elected to the board to serve a three-year term on the Calgary Co-op Board of Directors. The 2021-2022 Calgary Co-op Board of Directors consists of nine directors and includes: Patricia McLeod Q.C., Board Chair; Mike Dalton, Vice Chair; Elaine Bereziuk-Smith, Secretary; Cindy Andrew; Victoria Bradbury; Gael MacLeod; Dominique Gregoire; Evan Hu; and Brad Krizan. 

"I would like to thank and acknowledge all of the member-owner candidates who put their names forward to run in this year's director election," advised Patricia McLeod, Board Chair, "I am pleased with the level of skill, talent and experience on our board which will serve our organization well as we continue to navigate the pandemic and transform the business, while always striving to provide our best to our members and the broader community."

Financial Results
Total sales for the year ending on October 31, 2020 amounted to $1.264 billion, compared to $1.237 billion in 2019. This $27 million or 2.2 per cent year-over-year increase is attributable to sales increases in food and liquor offset by reduced fuel sales as a result of COVID-19, along with the acquisition of Community Natural Foods.

Net earnings for 2020 amounted to $23.1 million, compared to $52.7 million in 2019.

The Board of Directors approved the payment of patronage returns in the amount of $24.5 million in 2020, a decrease from the $37.1 million returned to members in 2019. The portion of the patronage returns paid in cash was $18.2 million (compared to $27.8 million in 2019) with $6.3 million paid in shares in 2020 (compared to $9.3 million in 2019). Like many businesses, Calgary Co-op has had to navigate the challenges of the pandemic, ensuring the safe and consistent delivery of food, fuel, pharmacy and other retail goods. While many lines of the retail business had strong results, the decline in fuel sales and patronage returns from our fuel wholesaler, reduced our overall returns.  That said, Calgary Co-op is pleased to provide a total $24.5 million patronage return to its members this year.

The 2020 member refund was based on the following:

• Two (2) per cent refund based on purchases at food centres, pharmacies, convenience stores, home health care centres, wine, spirits and beer and cannabis locations (with the same allocation rate as in 2019); and four (4) cents per litre refund based on petroleum fuel purchases.

Complete financial results are included in the 2020 Annual Report, which is available here.

2020 Highlights
Calgary Co-op has posted a highlights video to its website providing an overview of Calgary Co-op's 2020 governance and finances. The purpose of the video is to provide members with transparency and an overview of the 2020 highlights for Calgary Co-op, given that an in-person AGM cannot be held at this time. The video is available for viewing on the Calgary Co-op website.  

Health and Safety First
As an essential service, Calgary Co-op quickly and continuously adjusted to the ongoing global pandemic by implementing a number of health and safety measures.

"Early on in the pandemic we worked hard to implement health and safety measures, ensuring our team members, members and the community had the support they needed," says Ken Keelor, CEO of Calgary Co-op. "We implemented our Calgary Co-op Champions program, established special shopping hours for seniors and those who are immunocompromised, as well as delivered more than 2,800 care packages to those in need through our Calgary Co-op Cares program." 

Further, in 2020, Calgary Co-op and its members provided unprecedented support to the community, contributing $2.2 million in food and funds to local organizations to help address food security.

Calgary Co-op continues to focus on health and safety practices in its stores and is also proudly participating in the provincial rollout of the COVID-19 vaccination program through ten of its pharmacies at this time.  

Food Positioning
In April 2020, Calgary Co-op transitioned to a new food supplier, created its own flyer and launched two new private brands, Cal & Gary's™ and Founders & Farmers™. Over the past year, Calgary Co-op has seen the strong benefits from this change in terms of more control over merchandised products, and an enhanced commitment to buying local by working with local suppliers and producers.

Calgary Co-op further delivered on its goal to provide exceptional member experiences with the launch of online shopping for food, wine, spirits and beer and cannabis in 2020, and will continue its strong efforts towards serving its team members, 440,000 members and the broader community in the years to come.

About Calgary Co-op
Owned by members, Calgary Co-op is one of the largest retail co-operatives in North America. Our locations in Calgary, Airdrie, Cochrane, High River, Okotoks and Strathmore include: food centres, pharmacies, gas stations, car washes, commercial cardlocks, home health care centres, wine, spirits and beer locations, and cannabis.

With over 440,000 members, 3,850 employees, assets of $627 million and annual sales of $1.2 billion, Calgary Co-op was recognized as one of Alberta's Top 75 Employers of 2020 and is committed to delivering an exceptional customer experience through inspired team members. For more information, please visit www.calgarycoop.com. 

SOURCE Calgary Co-op

Sage Pullen McIntosh, Director, Communications, Calgary Co-operative Association Limited, Office: 403.219.6025 ext. 6105, Cell: 403-483-3754, [email protected]