A loss of about $5 million in the past year for Otter Co-op mean no profit dividends this year for its members.
It can be blamed on multiple factors, but despite news of a dip in revenues CEO Jack Nicholson says he remains "optimistic" about the Aldergrove-based organization's future.
"Together, we will continue to build on our strengths and navigate the challenges ahead for many years to come," Nicholson said during the retail co-operative's recent 103rd annual meeting.
Hosted over Zoom, the meeting saw Nicholson, the board president Charlie Fox, and CFO Michael Cooke share the financial results for the organization鈥檚 previous fiscal year, as well as announce the newly elected and returning directors for the Co-op鈥檚 member-led board.
Otter Co-op ended the year with sales of a little more than $517 million, with a bottom line loss of just over $5 million, Nicholson noted, attributing this to the economic turmoil, inflation facing almost every industry across the globe, high interest rates, supply-chain disruptions, a cybersecurity incident at its largest wholesaler, fluctuating petroleum pricing, and drop in revenue from Federated Co-opearatives Limited.
He elaborated on the latter, saying there was a reduction in patronage received from Federated Co-operatives Limited, which forms a significant part of Otter鈥檚 earnings yearly.
Despite record purchases from Otter Co-op, this year鈥檚 patronage from Federated Co-operatives Limited amounted to $5.7 million, nearly half of the $10.7 million they received the year prior, Nicholson noted.
鈥淒espite our dedicated team鈥檚 best efforts in curtailing any expense we could, we ended the year with a loss of just over $5 million,鈥� he said.
鈥淲hile 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 248 Street," Nicholson noted.
"That was also an investment in Otter鈥檚 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.鈥�
Fox and Nicholson 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 鈥� called The Plus Program.
鈥淭he Plus Program is aimed at increasing member value through more exclusive savings enjoyed immediately,鈥� Fox said during his president鈥檚 report.
鈥淭his 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.鈥�
Otter Co-op also announced the results of its 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.
鈥淲hile we鈥檙e excited to welcome a new voice to the board," Nicholson said, "we鈥檙e 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."
Despite the difficult year-end results, Nicholson reiterated his cautious optimism for the future and his gratitude for the Otter Co-op team and customers.
鈥淥ur 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,鈥� Nicholson concluded at the end of his report.
鈥淲e鈥檝e 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鈥� Together, we will continue to build on our strengths and navigate the challenges ahead for many years to come.鈥�
Around since 1922, Otter Co-op now serves more than 70,000 active members across the Greater Vancouver Regional District, Fraser Valley, and B.C. Interior with more than 65 locations 鈥� including food stores, pharmacies, the Angry Otter Liquor Stores, restaurants, plus their bulk petroleum and feed operations.
For more information about Otter Co-op and its latest updates, people can visit .
