Federated Co-operatives Limited’s (FCL) 87th Annual Meeting: FCL recorded increased sales across most business units in FY ending Oct. 31, 2015

Saskatoon, Canada, 2016-Mar-03 — /EPR Retail News/ — Rising sales volumes are signs of a diverse and healthy Co-operative Retailing System (CRS), CEO Scott Banda told Federated Co-operatives Limited’s (FCL) 87th Annual Meeting in Saskatoon.

More than 300 delegates, representing over 200 independent retail co-operatives that form the CRS in Western Canada, were in attendance for the keynote address Feb. 29.

“We are faced with the challenges of changing market conditions and volatile commodity prices, particularly in the petroleum sector,” said Banda. “We will continue to invest in Western Canada to help diversify local co-ops’ sustainable opportunities. Our co-operative ownership model ensures that we remain connected to local communities and our work is to maintain and grow Co-op’s relevance in Western Canada.”

For the fiscal year ending Oct. 31, 2015, FCL recorded increased sales across most business units. This growth, however, was offset by decreased revenues at the Co-op Refinery Complex in Regina, Sask. FCL recorded revenue of $9.1 billion, down 16 per cent from the year before. Net earnings for the year totaled $539 million. Of that, $375 million is being returned to local retail co-operatives through a patronage allocation.

Over the past 10 years, FCL has provided more than $4.5 billion in patronage returns to CRS members. This money is reinvested by local co-ops into their operations and local communities, where they serve more than 1.8 million active Co-op members and many more customers.

FCL is supporting community development across Western Canada with multimillion-dollar commitments to two initiatives:

  • Up to $1.5 million is available to community organizations through Co-op Community Spaces. Last year, the program funded 16 recreation, urban agriculture and conservation projects in Western Canada.
  • A five-year, $5 million commitment for Co-operatives First, a new non-profit organization that will support the development of new co-operatives in rural and aboriginal communities.

More information on these programs, as well as FCL’s 2015 Annual Report and Consolidated Financial Statements, are available at www.coopconnection.ca.
SOURCE: Federated Co-operatives Limited

 

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FCL CEO Scott Banda speaks to delegates at the organization's 87th Annual Meeting in Saskatoon Feb. 29.

FCL CEO Scott Banda speaks to delegates at the organization’s 87th Annual Meeting in Saskatoon Feb. 29.