Due to the collapse in world energy prices and the drastic drop in fuel consumption at the height of the pandemic, our bottom line was down significantly in the 2020-2021 fiscal year. And despite our food, pharmacy, home centre and liquor sales helping to offset the losses we experienced on our fuel side, our Co-op had a financially difficult year.
Federated Co-operatives Limited (FCL), our wholesaler, also faced significant refinery challenges in 2020, which impacted their ability to share and pass on profits to local co-operatives at the regional level.
Though these reduced earnings impact profit-sharing this year, we are extremely grateful to have remained profitable while many businesses struggled to stay open.
Members receive dividends 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, 2021 amounted to just over $221M. Your locally elected Board of Directors have approved allocation of $891,784 in equity to our membership reserve* (which is not paid in cash dividends or as an equity cheque) based on the following:
- 1.1% Food and Liquor purchases
- 1.1% Home Centre purchases
- 1.1% Full Pharmacy prescriptions
- 1.1% Convenience Store
While we are not paying cash dividends to our members this year, we want to thank all our loyal members for continuing to support your local Co-op. We remain optimistic that 2021 will be a better year, financially.
You can now request a digital copy of your equity statement, sent directly to your inbox.