For Immediate Release

Calgary Co-op Sales Approach $1 Billion in 2007: Members to Receive $52 million in Patronage Returns

February 7, 2008, Calgary, Alberta, Canada - Financial results for the Calgary Co-operative Association Limited (Calgary Co-op) for its financial year ended November 3, 2007, show sales grew to almost $1 billion (not including travel sales), from $884.0 million in 2006. Earnings before income tax and patronage returns to members were $67.3 million compared to $43.9 million in 2006, and assets increased to $352 million from $314 million in the previous year. Membership continued to grow from 413,000 in 2006 to 425,350 in 2007.

"Sales, margins and overall profitability grew in 2007, resulting in a very positive year for Calgary Co-op," says chief executive officer, Ken McCullough. "This is the result of continuing member loyalty and the unwavering commitment of our employees to provide top-notch service, selection and value as we continued to face staffing shortages in 2007 as the result of Calgary’s hot economy and competitive job market."

In 2007, Calgary Co-op completed a multi-million dollar renovation to its Beddington Centre and mall complex, began a major renovation at its Monterey Centre, moved its head office into its new location at Macleod Trail South, and opened a new gas bar with convenience store and car wash in the northwest Calgary community of Montgomery. Future development sites were also secured for new food centres, gas bars, pharmacies and liquor stores as Calgary Co-op continues to grow and expand operations to service the community.

"We are extremely pleased with our financial results for 2007, which will also benefit our members in the form of a higher patronage return for 2007,” remarks Stuart Cantrill, Calgary Co-op board chair.  “With the increasing challenges of staffing shortages and a highly competitive retail food industry, our management team and employees are to be commended for their hard work and determination in ensuring that our co-operative continues to experience success in all facets of its operations."

For 2007, Calgary Co-op members will share $52 million in annual patronage returns (compared to $33 million in 2006), based on the total volume of grocery/retail, fuel and travel purchases they made at Calgary Co-op during the past financial year. The overall patronage return rate for 2007 is 5.81 percent, compared to 4.06 percent in 2006. Since 1956, Calgary Co-op has returned over $515 million to members in the form of patronage returns – a practice unique to co-operatives, which share their annual profits with their members.

Also in 2007, Calgary Co-op donated over $1.7 million to local charities, non-profits, and programs for youth in the community in the form of products, cash and in-kind donations.

Locally owned and operated, Calgary Co-op is one of the largest retail co-operatives in North America with 425,350 members and 4,000 employees. It operates 22 retail food centres, 22 pharmacies, 26 gas bars, 15 liquor stores, and nine travel offices, in the communities of Calgary, Airdrie, Strathmore and Okotoks, Alberta.

For more information, contact:

Donna Burn, Vice President, Member and Public Relations
Calgary Co-operative Association Limited
Telephone: (403) 219-6025, ext. 6258

Ken McCullough, Chief Executive Officer
Telephone: (403) 219-6025