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FCL reports strong financials in 2023

March 4, 2024

Today, delegates representing more than 160 local co-operatives from across Western Canada gathered at Federated Co-operatives Limited’s (FCL) 95th Annual Meeting. Together, the membership reviewed the 2023 financial results, discussed the Co-operative Retailing System’s (CRS) future, and elected FCL’s Board of Directors.

During an opportunity to address the delegation, CEO Heather Ryan expressed her pride and gratitude, as she spoke to FCL’s responsibility to provide significant value and benefit to the CRS, while supporting its long-term sustainability.

“Sharing our financial success is one way we generate value for local Co-ops and the communities they serve,” said Ryan. “Through the distribution of our earnings, local Co-ops are able to pass the benefits on to Co-op members and communities across Western Canada. The value proposition of Co-op, when people support Co-op, they’re supporting their community.”

FCL does business differently and in doing so, reported another strong financial year. Similar to last year, FCL reported $12.5 billion in total sales, which for 2023, resulted in net earnings of $781 million. Given these results, FCL was able to distribute $399 million in patronage back to local Co-ops.

“We’re very proud of our 2023 results and $399 million in patronage allocation means that Co-op once again, put more than $1 million a day back into the Western Canadian economy,” said Ryan.

FCL is committed to building sustainable communities together. With the ability to source and deliver unique products and services that local Co-ops and their communities need, FCL continues to support both the short and long-term success of the CRS.

More information on FCL’s 2023 fiscal year is available here.