Otter Co-op Welcomes New and Returning Directors; Reports on 2024 Fiscal Year at Annual Meeting

(June 4th, 2025) — Otter Co-op, one of the leading Retail Co-operative businesses in BC, hosted it’s 103rd annual meeting this evening for its member/owners and guests. Hosted over Zoom, the meeting saw Board President Charlie Fox, CEO Jack Nicholson and CFO Michael Cooke share the financial results for the organization’s previous fiscal year, as well as announce the newly elected and returning directors for the Co-op’s member-led board.

2024/25 Fiscal Year Results

Otter Co-op ended the year with sales of just over $517 million, with a bottom line loss of just over $5 million. CEO Jack Nicholson attributed this to multiple factors, including but not limited to the economic turmoil and inflation facing almost every industry across the globe, high interest rates, supply chain disruptions, a cybersecurity incident at their largest wholesaler, and fluctuating petroleum pricing. Another notable factor was a reduction in patronage received from Federated Co-operatives Limited, which forms a significant part of Otter’s earnings yearly. Despite record purchases from Otter Co-op, this year’s patronage from Federated Co-operatives Limited amounted to $5.7 million, nearly half of the $10.7 million they received the year prior.

“Despite our dedicated team’s best efforts in curtailing any expense we could, we ended the year with a loss of just over $5 million.” Said Nicholson. “While this is a significant loss, it is better than the $8 million loss we were projecting at the end of the first quarter. These are similar challenges we faced as an organization in the past when we invested in and built our food and hardware complex on 248th Street. That was also an investment in Otter’s future that put us in a loss position without profits to share for several years, though it set us up for growth and prosperity for the future.”

Nicholson and Fox also shared a number of actions taken by the Co-operative as a result of the reduced earnings and economic downturn to return Otter Co-op to profitability. These included expense reductions and adjustments to processes, alternative revenue and bottom line improvements and a new suite of exclusive membership promotions and offers called The Plus Program.

“The Plus Program is aimed at increasing member value through more exclusive savings enjoyed immediately.” Said Fox, during his President’s report. “This is not the same as patronage, it is a new program on top of any profit sharing designed to drive both guest loyalty and shopping frequency while respecting the value of membership.”

The Plus Program

The offers in the Plus Program include…

• Exclusive Sales at Otter Co-op Food Stores, such as a Member Appreciation Scratch and Save held in May and a coupon book worth almost $40 when you spend $100 from June 5th to 18th
• Additional Member savings and discounts at Angry Otter Liquor Stores on a variety of products
• Free Co-operative Coffee with any purchase at Otter Co-op Gas Bars
• An additional 2% off sacked feed, and $10 off each metric ton for bulk purchases at the Otter Co-op Feed Store
  

More offers and discounts through the Plus Program are planned to be announced throughout the year.

2025 Director Election Results

Otter Co-op also announced the results of their 2025 Board of Director election at the meeting. This saw directors Gus Hartl and Bev Dornan re-elected for their second term with the organization, and the welcoming of newly elected director David Gubbins.

Directors Bev Dornan, David Gubbins, and Gus Hartl Featured Above

Speaking on the election, Nicholson said “While we’re excited to welcome a new voice to the board, we’re also saying goodbye to Deanna Horn, who was not re-elected this term. Deanna has served with dedication, thoughtfulness, and genuine care for the organization. We are truly grateful for her many contributions. Her presence and insights at our board table will be missed. Please join me in congratulating our newly elected board members and in offering heartfelt thanks to all candidates who let their names stand in this year’s election.”

Despite the difficult year-end results, Nicholson expressed cautious optimism for the future and gratitude for the Otter Co-op team and customers.

“Our leadership team has worked hard to ensure that our prices remain competitive despite continually rising costs, sacrificing profit margins to ensure that our members can continue to fuel their families, farms, and animals.” Concluded Nicholson, at the end of his report. “We’ve expanded our product offerings, have newly added membership benefits with our new Plus Program, and continue to provide support directly to the communities we live, work and play in. I extend my heartfelt gratitude to our team, our members, and board of directors for your ongoing support of Otter Co-op. Together, we will continue to build on our strengths and navigate the challenges ahead for many years to come.”

Commitment to Stakeholders

Otter Co-op remains committed to transparency and proactive communication with all its’ members. The company continues to monitor market conditions closely and will provide further updates as necessary. Despite near-term challenges, the leadership team and Otter Co-op Board of Directors remain optimistic about the company’s trajectory and its ability to deliver value to members, guests, and employees alike.

A Recording of the CEO, Auditors and Financial Report can be found at https://youtu.be/2ioxD2vXUU0

More about Otter Co-op:

Otter Co-op is a proudly Canadian-owned and operated organization that’s served its members and guests since 1922. Today, Otter Co-op proudly serves over 70,000 active members across the Greater Vancouver Regional District, Fraser Valley and BC Interior. Otter Co-op operates over 65 locations, including Food and Pharmacy stores, Gas Bars, “Angry Otter” Liquor Stores, Restaurants and Bulk Petroleum and Feed Operations.