SASKATOON (Staff) – Federated Co-operatives Ltd. has posted record sales and earnings for this year.
The company’s fiscal year ended Oct. 31 and reports sales increased to $1.98 billion from $1.92 billion the year before, while earnings rose by 10 percent to $123 million.
Federated will make cash payments totaling a record $86.4 million to its member retail co-operatives and members across Western Canada.
Chief executive officer Wayne Thompson said local co-ops and members deserve all the credit for the outstanding results.
“As the central wholesaler to the co-operative retailing system, our success relates directly to the effectiveness of our member retail co-operatives in serving their local markets,” he said in a press release.
FCL serves as the central organization for more than 300 retail co-ops, representing 750,000 members.
