Cornerstone Co-op Posts First Year Results
- Submitted
- Apr 23, 2018
- 2 min read
Vermilion, Alberta. April 18, 2018: For the first fiscal year ending February 4th, 2018, Cornerstone Co-op posted revenues of $167 million from all commodities, up 2.6% over the previous year.
“While the past year brought many challenges, Cornerstone Co-op is a diverse local organization and is supported by our member-owners. We are encouraged to see optimistic results at our 20 locations and in the seven communities where we operate,” said Cornerstone Co-op President and Board Chair, Cliff Martin.
Cornerstone Co-op is comprised of Grocery and fresh food commodities, Pump Petroleum, Bulk Delivery and Cardlock Petroleum, Hardware, Building Materials, Agriculture Equipment, Oil and Lubricants, Propane, Animal Feed, Confectionary, Pharmaceuticals, and Liquor departments.
Throughout the 2017 fiscal year, Cornerstone Co-op has made significant strides--adding nearly 800 new member-ownersandhas allowed them to continue their investment commitment to the local economy. In June, COR Safety Program certification was achieved. Beyond that, Cornerstone Co-op was awarded the Co-op Retailing System Excellence in Sustainability Award, recognizing their commitment to community and the development and expansion of flagship programs such as Bags for Breakfast which is providing direct investment into healthy lunches for school children.
Graham Getz,General Manager, elaborates, “we are proud of the many 2017 initiatives, and we continue to grow, look ahead and enhance ownerand community Co-op experiences.” Cornerstone Co-op is heavily invested in their local communities, and in 2017, they shared $105,000 in cash donations and sponsorships that benefited 262 community groups.
As a result of successful first-year results, more than $1.7 million has been allocated to owners, $1.3 million of that in cash-back, going right into the hands of the members. Starting May 4th, equity cheques will be mailed out to Cornerstone Co-op member-owners and will be followed by Ownership Week events meant to celebrate and thank our Cornerstone Co-op Owners and Communities.
About Cornerstone Co-op.
In 2016 member-owners of both St. Paul & District Co-op and Eastalta Co-op voted in favour of amalgamating to form Cornerstone Co-op. Cornerstone Co-op operates in the communities of Dewberry, Elk Point, Mannville, Provost, St. Paul, Vermilion and Wainwright, serving more than 30,000 active member-owners. Cornerstone Co-op operates 5 Cardlocks, 3 Gas Bars, 1 Car Wash, 6 Food Stores, 1 Pharmacy, 2 Home & Ag Centres, 3 Liquor Stores and 7 Bulk Petroleum trucks that service a trading area 300 kilometres long.