George Weston reports $498 million profit in Q2, lower than year before

TORONTO – George Weston Ltd. says its latest quarter delivered a profit attributable to common shareholders of $498 million.

The company, which holds large stakes in Loblaw Companies Ltd. and Choice Properties Real Estate Investment Trust, says the second-quarter profit was almost 22 per cent lower than the earnings it reported a year earlier.

The company says the decrease was primarily driven by unfavourable liabilities linked to Choice Properties.

George Weston says its adjusted net earnings available to common shareholders totalled $377 million for the period ended June 30, up from $328 million a year before.

On an adjusted basis, George Weston says it earned $2.68 per diluted share, up from an adjusted profit of $2.23 per diluted share a year earlier.

Revenue for the quarter totalled $13.88 billion, up from $12.97 billion in the same quarter last year.

George Weston says its results were buoyed by increased sales at Loblaw and Choice Properties’ plans to open 1.6 million square feet of industrial space and two residential projects this year.

This report by The Canadian Press was first published August 1, 2023.

Companies in this story: (TSX:WN.TO, TSX:L)