George Weston reports Q3 profit down from year ago on one-time charges

TORONTO – George Weston Ltd. reported its third-quarter profit fell compared with a year ago as it was hit by one-time charges driven by its stake in Choice Properties Real Estate Investment Trust.

The company says its net earnings available to common shareholders from continuing operations totalled $610 million or $4.41 per diluted share for the quarter ended Oct. 7, down from $889 million or $6.14 per diluted share a year earlier.

George Weston says the decrease was due to the unfavourable year-over-year net impact of adjusting items, primarily driven by a fair value adjustment on investment properties.

Revenue totalled $18.41 billion for the quarter, up from $17.52 billion in the same quarter last year.

On an adjusted basis, George Weston says it earned $3.36 per diluted share from continuing operations in its latest quarter, up from an adjusted profit of $3.12 per diluted share a year earlier.

George Weston owns a majority stake in Loblaw Cos. Ltd. and a large stake in Choice Properties REIT.

This report by The Canadian Press was first published Nov. 21, 2023.

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