Calgary Co-op Financial Results for 2004
Members share $17.1 million in patronage returns

January 24, 2005, Calgary, Alberta - Financial results for the Calgary Co-operative Association Limited (Calgary Co-op) as of its financial year ending October 30, 2004, show a slight increase over 2003. Sales for 2004 were $752 million compared to $750 million in 2003, and net savings after income tax and patronage returns were $3.0 million compared to $2.7 million in 2003.

"Calgary Co-op has been able to maintain its market position despite the pressures of an increasingly competitive marketplace," says chief executive officer, Ken McCullough. "We anticipated and understand today's competitive retail food environment, and have worked hard in the past few years to adapt and focus our operations on meeting these challenges, including opening new centres in emerging communities such as Rocky Ridge, upgrading existing locations to better serve customers, and enhancing our products and service offerings to meet the changing needs of consumers."

For 2004, Calgary Co-op members will share $17.1 million in annual patronage returns, which 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.

"Providing members and customers with value every day, as well as an annual patronage return, makes Calgary Co-op unique in the marketplace," says Barry Ashton, board chair. "The loyalty of Calgary Co-op members and customers combined with our reputation for offering top quality products and consistently exceptional service has been the foundation of our success over the years and sets us apart from the competition," adds Ashton.

Calgary Co-op has diversified and expanded its operations in other areas as well to ensure future growth and increase market share. There are now 21 gas bar locations, with the newest location to open in Copperfield this spring. A new Calgary Co-op liquor store opened at the Rocky Ridge Centre location last fall, and the new Midtown Market liquor store will open this summer. Calgary Co-op's travel agency has recovered from the effects of 9/11 and other world events, and now includes a travel call centre and new Midtown Market office location to better serve customers and to attract additional group bookings, personal and corporate travel opportunities.

Two new Calgary Co-op centres are in the early planning stages for the communities of West Springs in the city's southwest, and Creekside in the northwest, and negotiations are underway on other sites in the greater Calgary area.

Locally owned and operated, Calgary Co-op is one of the largest retail co-operatives in North America with assets of $287 million, sales of $752 million, 396,000 members and 3,700 employees. In addition to its head office in Calgary, Alberta, Calgary Co-op operates 20 retail shopping centres, 21 gas bars, 12 travel offices and 12 liquor stores in Calgary, Airdrie and Strathmore, Alberta.

For more information, please contact:

Ken McCullough, 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