Otter Co-op posts successful year despite downturn
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Updated: June 25, 2009 2:22 PM
Otter Co-op has posted another successful year, despite the global economic troubles and volatile commodities markets.
Co-op general manager Dean McKim told the 87th annual general meeting that total sales of over $115 million were “5.56% better than budget and 17.43% better than last year.” McKim added that, “There was definitely an inflationary factor built in there as we experienced extremely high petroleum pricing and high commodity costs for most of the year.”
However, “The good news is that our net savings ended the year at $6,081,987; this is 10% below last year, but 10% better than budget.”
Otter Co-op has invested significantly in renovations and expansions over the year, including merger with the Consumers Co-op in Pitt Meadows.
Despite expenditures, Otter Co-op remains debt-free. with assets at $48.8 million and member ownership at 73.9%.
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