Record-Breaking Year for Calgary Co-op!
Members Share $23.9 Million in Patronage Dividends

January 20, 2003, Calgary, Alberta - "Calgary Co-op sales reached a record-breaking $730.7 million in 2002," reported Milford Sorensen, chief executive officer for Calgary Co-op. The locally owned and operated company released their financial results for the 2002 fiscal year today. This success means members will share $23.9 million in patronage and equity dividends for the 2002 fiscal year.

"2002 was a tremendous year for Calgary Co-op. We are proud of this achievement and we are proud to share our success with our member - owners who support us throughout the year," says Barry Ashton, board chair. "As a locally owned and operated retail co-operative, our members are the foundation of our company and sharing our profits with them sets us apart from our competitors." Patronage dividends are calculated based on the volume of business a member does with Calgary Co-op, including total grocery, petroleum and travel purchases for the year.

For 2002, Calgary Co-op experienced an increase in sales to over $730 million, an increase in assets to $252 million and an increase in membership to 380,000 members. "Our strong financial performance and increase in members reflects the hard work and efforts of our employees in delivering high quality products, personalized and friendly service to our members," states Milford Sorensen, CEO.

"I believe our results demonstrate our strong commitment to our five-year development plans and strategies. This includes renovating existing stores, building new shopping centres in emerging markets, introducing new services such as self scan, and enhancing product offerings including our fresh and natural food selections," stated Sorensen.

In 2002, Calgary Co-op opened its new Taradale Centre in NE Calgary, opened six new liquor stores for a total of 11, updated car washes with state of the art technology and completed plans for the new Midtown Market Centre being built in the heart of downtown Calgary at 11 Avenue and 11 Street SW.

Plans for 2003 include completing major renovations at the Shawnessy Centre, launching the construction at the new downtown location in the spring, and starting renovations to the Village Square and Deer Valley centres.

Alberta-based Calgary Co-op is one of the largest retail co-operatives in North America with assets of $252 million, sales of $730 million, 380,000 members and 3,500 employees. In addition to its head office in Calgary, Alberta, Calgary Co-op operates eighteen retail shopping centres in Calgary, Airdrie and Strathmore, Alberta.

For more information, please contact:

Milford Sorensen, Chief Executive Officer
Calgary Co-operative Association Limited
2735 - 39 Avenue NE, Calgary, Alberta T1Y 7C7
Telephone: 219-6025

Barry Heinrich, Vice President Finance and Administration
Telephone: 403-219-6025

Donna Burn, Director, Member and Public Relations
Telephone: 403-219-6025, ext. 6258