Calgary Co-op reports $38 million in profit for 2022
Calgary Co-op reported earnings of $38 million in 2022, up from $30 million in 2021.
The retail co-operative released its financial results, annual report and the results of its 2023 director election April 20 at its Annual General Meeting.
Total sales amounted to $1.32 billion, from $1.23 billion in the year prior.
Three directors have been elected to the board to serve a three-year term: Victoria Bradbury, Elliot Bridgewater and Gael MacLeod.
The 2023-2024 Calgary Co-op board of directors, including its new members, consists of: Brad Krizan, board chair; Ken White, vice chair; Victoria Bradbury, Elliot Bridgewater, Mike Dalton, Dominique Gregoire, Evan Hu, Gael MacLeod and Bryan Walton.
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The board approved the payment of patronage returns in the amount of $26 million in 2022, an increase from the $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).
“Serving our members and community remains essential to our vision and contributes to our commitment to long term, positive business transformation, Krizan said in a statement. “We are dedicated to supporting our membership and community in innovative ways and prioritizing the long-term sustainability of our business. I would like to congratulate our new directors and thank them for representing our member community.”
