Canada’s Federated Co-ops Ltd (FCL) has reported total sales of CA$11.9bn at its recent AGM, resulting in net earnings of $297m for the last 12 months.
As a result, the federation, which provides procurement and distribution to member co-ops in Western Canada, has returned $252m back to local co-ops in 650 communities.
FCL says that over the past five years, it has returned nearly $1.5bn in patronage to local Co-ops.
“Together, we have faced many challenges over the past year, and together, we overcame many obstacles, including a cybersecurity event, continued inflationary pressure, changing market conditions and regulatory uncertainty,“ CEO Heather Ryan told the AGM, which gathered delegates from more than 150 local co-ops. “Despite those circumstances, we remained rooted in our values, focused on our purpose.”
The meeting – the 96th in FCL’s history – also marked the end of board president/chair Sharon Alford’s term.
“Today is a bittersweet but important milestone for our president Sharon Alford,” said Ryan. “On behalf of FCL and the CRS, we would like to extend our heartfelt appreciation to Sharon for her leadership, vision, and guidance during her tenure.”
During the year, FCL also shared an informercial, What If?, online to mark Canada’s Co-op Week. Now it plans to mark the International Year of Cooperatives, which it says offers “a unique opportunity to recognize and celebrate the impactful contributions that co-operatives – such as our Co-op – make to communities, both locally and globally.
2024 also brought sustainability highlights, said FCL, with more than 374,400kg of food donated to food banks, 5.2 million kg of food waste rescued and repurposed to farms, and more than 39% off waste diverted from landfill.
And in June, FCL launched Co-op Essentials, a first-of-its-kind, newly designed food store in Surrey, British Columbia. The new one-stop format is being piloted in partnership with Otter Co-op and offers everyday staples.
