Another year, another record financial result at Federated Co-operatives Ltd.
For the fifth straight year, the wholesaling and manufacturing arm of the retail co-operative system has reported record sales and earnings.
“I’m not sure it ever gets to be old hat,” said vice-president Al Robinson, adding the company is projecting yet another record in 1996-97.
Sales in the year ended Oct. 31 were $2.24 billion, up from the previous year’s $2.12 billion, while earnings increased to $133.1 million from $130 million.
Robinson said there was good growth in sales of food and petroleum, which are traditionally the big money makers for Federated. Good results were also recorded by FCL’s Agro Division, which sells major farm inputs except fertilizer, along with livestock feed and supplies.
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About $125 million in patronage dividends will be allocated to FCL’s more than 300 member retail outlets in the form of cash and shares. Cash payments will total about $97 million, representing 77 percent of the allocation, up from 75 percent last year and 72.5 percent the year before.
Chief executive officer Wayne Thompson said credit for the record performance must go to retail co-ops, which are providing tangible benefits to members and customers.
