Federated Co-operatives Limited's record net earnings of $839 million to the fiscal period ended Oct. 31, 2011 will generate a record $537 million in patronage allocation returned to member co-ops.
This allocation is used by local co-ops to address the local needs of more than 1.5 million active co-op members in 500 communities throughout Western Canada. The remainder of the earnings are retained in FCL to fund future growth initiatives and capital requirements.
“By working together, FCL and our retail co-operative member owners have achieved remarkable results,” says Scott Banda, FCL’s Chief Executive Officer.
FCL provides central wholesaling, manufacturing, marketing and administrative services to approximately 240 autonomous member retail co-operatives located across Western Canada.
“Our strong performance was due in part to the strength of the retail co-operatives’ marketing programs, the promotion of Co-op Lifetime Membership Benefits, and to the growth of retail co-operatives. This growth resulted in higher standards on facilities, merchandising and selection, and service excellence by over 19,000 dedicated employees.”
Through FCL, co-ops share in the ownership of Consumers’ Co-operative Refineries Limited (CCRL) in Regina, a plywood plant and sawmill in Canoe, BC, feed plants in six western Canadian locations, and The Grocery People, an Edmonton-based grocery wholesaler and fresh produce supplier serving independent food retailers in four western provinces, the Yukon and Northwest Territories.
“We have a great story to tell, one that is about being locally invested, community minded and committed to delivering lifetime membership benefits. This story, and our values, is the reason that over 1.5 million individual Co-op members across Western Canada and many more non-member customers have chosen to be part of this success.”