Calgary Co-op announced Friday it was postponing its 63rd Annual General Meeting until further notice.
It also announced total sales for the year ending on November 2, 2019 were $1.237 billion compared to $1.302 billion in 2018.
“This $65 million or five per cent year-over-year decrease is attributable to deflation in petroleum prices, the 53-weeks of operation in 2018, and the closure of the Taradale Food store,” said the company in a news release.
Net earnings for 2019 amounted to $52.7 million compared to $55.3 million in 2018.
The company said its Board of Directors approved the payment of patronage returns in the amount of $37 million in 2019, an increase from the $32 million returned to members in 2018. The portion of the patronage returns paid in cash was $28 million (compared to $24 million in 2018) with $9 million paid in shares in 2019 (compared to $8 million in 2018).
“To ensure all members have an equal opportunity to attend the
AGM, the Board has determined that the best option going forward is to hold an in-person AGM when it is permitted and safe to do so,” it said.
“The ongoing COVID-19 situation has meant a greater focus on health and safety for all,” said Ken Keelor, CEO of Calgary Co-op. “We continue to take many steps to ensure our stores are a safe place for members to shop, while simultaneously transforming our business with the introduction of new private label brands, including Cal & Gary’s and Founders & Farmers. We look forward to continuing to serve our members in meaningful ways and listening to their feedback as we continue to enhance our range of local products, brands and offerings in-store.”
Calgary Co-op is one of the largest retail co-operatives in North America with locations in Calgary, Airdrie, Cochrane, High River, Okotoks and Strathmore including: food centres, pharmacies, gas stations, car washes, commercial cardlocks, home health care centres, wine, spirits and beer locations, and cannabis. It has more than 440,000 members, 3,850 employees, assets of $627 million and annual sales of $1.2 billion.