No Patronage for 2023
The Co-op Board has declared no Patronage Dividend for 2023. Patronage is only returned to members when the Co-op has made sufficient net income for the year. In 2023, the Co-op experienced negative net income, therefore there is no excess earnings from 2023 to return to members. In 2023, we saw continued increases in the cost of supplies, services, healthcare, and food products. Operating in post-pandemic times has proven to be very challenging. We are working hard to return to positive net earnings and expect to achieve this in 2024.
Thanks to you all, our sales remain strong, which makes regaining profitability in 2024 a realistic expectation. The good news is we are very stable and have adequate resources to allow us time to regain profitability. It is also important to point out that during 2023 we continued our efforts to reward staff with fair pay and benefits. Our wage and benefit package make us a leader in our industry.
We would like to express to you all our sincere appreciation for your commitment shown to our Co-op.