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Federated Co-op's annual report shows $1.3B sales decline in 2020

Federated Co-op's annual report shows $1.3B sales decline in 2020
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Scott Banda , Co Op Limited , ஸ்காட் பந்தா , இணை ஓப் வரையறுக்கப்பட்டவை ,

Federated Co-op's annual report shows $1.3B sales decline in 2020


(CKOM News file photo)
The COVID-19 pandemic hasn’t been kind to Federated Co-op.
The company owned by roughly 190 co-ops in Western Canada is reporting a sharp decline in net profits, according to its annual report.
Net profits finished at $177 million for 2020, down from $959 million in 2019. Annual sales came in at $7.9 billion, down from $9.2 billion.
Data released in the annual report point to sales dropoffs in the energy sector accounting for much of the net profit losses compared to last year.
“While the first four months of the fiscal year proceeded as expected, the pandemic’s spread and contraction of the global economy led to an overall sales decline in 2020,” Federated Co-op Limited CEO Scott Banda said. ....

Scott Banda , Western Canada , Co Op Limited , ஸ்காட் பந்தா , மேற்கு கனடா , இணை ஓப் வரையறுக்கப்பட்டவை ,