More Growth at Calgary Co-op -
Members Share $19.3 Million in Patronage Returns

January 19, 2004, Calgary, Alberta - Sales results for the Calgary Co-op 2003 financial year ending November 1, 2003 were $749.7 million, representing an increase of 5.9 percent from its record-breaking year in 2002.

"Calgary Co-op rallied successfully in 2003 despite the many challenges faced by our core industries as well as the economy in general," reports Milford Sorensen, chief executive officer for Calgary Co-op. "2003 was another strong year for Calgary Co-op. We are proud of this achievement and delighted to share our success with our member-owners who support us throughout the year." The locally owned and operated company released their financial results for the 2003 fiscal year today. This continued success means members will share $19.3 million in patronage returns for the 2003 fiscal year.

"Our strong financial performance reflects the hard work and efforts of our employees in delivering high quality products, outstanding service, and exceptional value to our members," says Barry Ashton, board chair. "As a locally owned and operated retail co-operative, our member-owners are the foundation of our company and sharing our profits with them sets us apart from our competitors." Patronage returns 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.

"These 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 internet shopping and home delivery through Pic'n'Del, and enhancing product offerings including innovative food selections such as carbohydrate reduced bread, fresh sushi, "dazzling donuts" made in-store each day and wood stone pizza ovens at some centres," stated Sorensen.

In 2003, Calgary Co-op completed major renovations to its Shawnessy, North Hill and Deer Valley centres; opened its new Heritage Towne gas bar, convenience store, car wash and liquor store in southeast Calgary; opened its new state-of-the-art twin touchless car wash in Oakridge; commenced renovations to its Strathmore Centre and finally started construction on its new Midtown Market location in downtown Calgary.
Plans for 2004 include completing major renovations at the Strathmore Centre, launching construction on the new Rocky Ridge and West Springs sites, and opening Midtown Market fall 2004. The size and scope of these new projects will require approximately 300 additional new employees in 2004 to maintain outstanding service for member-owners. Calgary Co-op looks forward to bringing more local people to the team, and generating additional growth for the Calgary and area economy.

Locally owned and operated, Calgary Co-op is one of the largest retail co-operatives in North America with assets of $272 million, sales of $750 million, 390,000 members and 3,600 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
Cell: 403-816-7419