As a cooperative, profit sharing is just one way we do business differently. Returning profits to our membership ensures that the money stays in the communities that we serve to better the lives of our members and the communities in which they work, live and play.
Members receive patronage refunds based on their yearly purchases and your local Co-op’s performance and profits. North Central Co-op’s total sales for the year ending January 31, 2020 amounted to just over $227M. And our net savings for 2020 was $3.974M versus $5.278M in 2019. Your locally elected Board of Directors approved allocation of $2.22M in equity to our membership based on the following:
- 1.25% on Food and Liquor purchases
- 1.50% on Home Centre purchases
- 2.25% on the Full Amount of Your Pharmacy prescriptions
- 2.2 ¢ per litre at our Gas Bars
Our full financial results will be included in our upcoming 2020 Annual Report, presented at our upcoming virtual Annual General Meeting (AGM) on July 21, 2020 and will also be made available on our website following the meeting.
North Central Co-op has grown to over 92K members, 660 employees, 22 locations in Edmonton and area with four new sites opening in 2019. The new builds and renovations has injected over $20M in capital investments into local economies and communities.
Together, some of our recent capital investments included:
We have also made significant investments in supporting the efforts of our community partners. In 2019 we supported initiatives and causes like the Taste of Edmonton, Run for the Cure, Christmas Bureau of Edmonton, Edmonton Mennonite Centre for Newcomers along with almost 100 other local groups and organizations. We also invested over 2000 team member hours into supporting and hosting community events alongside these partners.
On behalf of North Central Co-op and our Board of Directors, we thank you for your continued loyalty as a member and owner in choosing to support your local Co-op. If you have further questions regarding this year’s allocation or to learn more about North Central Co-op’s financials, we invite you to attend our AGM, which will be held virtually on July 21, 2020. More information about joining our AGM will be made available on our website shortly.