Another year, another record for Federated Co-operatives Ltd.
The Saskatoon company has reported record sales of $5.4 billion and record earnings from operations of $583 million for the fiscal year ending Oct. 31, 2007.
That marks the 16th consecutive year of record earnings for FCL, which acts as the wholesaling, manufacturing and administrative arm for 275 retail co-operatives in Western Canada.
The 2007 results reflect a $416 million increase in sales and a $135 million increase in earnings from the previous year.
FCL also recorded earnings of $76 million from its 50 percent ownership share of NewGrade Energy Inc., which boosted total consolidated net earnings to $659 million on sales of $5.8 billion.
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Chief executive officer Art Postle said the financial success is due to strong sales, the promotion of co-op membership benefits and ongoing improvements in service, facilities, merchandising and selection at retail co-ops.
“By working together, FCL and the retail co-operatives that own FCL have achieved remarkable success,” he said.
Ten years ago, FCL’s sales were $2.4 billion and earnings $155 million.
FCL and its member co-ops own shares in Consumers’ Co-operative Refineries Ltd. in Regina, a sawmill and plywood plant in Canoe, B.C., seven feed plants in Western Canada and the Grocery People, an Edmonton grocery wholesaler and fresh produce supplier.
