George Weston Ltd. reports fourth-quarter profit up from year-ago mark

TORONTO – George Weston Ltd. reported its fourth-quarter profit rose compared with a year earlier, boosted in part by an improvement in its underlying business, increased ownership in Loblaw and a full year of direct ownership in Choice Properties Real Estate Investment Trust.

The retail, bakery and real estate business says its net earnings available to common shareholders totalled $433 million or $2.81 per diluted share, up from $271 million or $1.86 per diluted share in the last three months of 2018.

Sales totalled $12.1 billion, up from $11.7 billion in the same quarter a year earlier.

On an adjusted basis, George Weston say sit earned $1.69 per diluted share in the quarter, up from $1.59 per diluted share in the fourth quarter of 2018.

Analysts on average had expected an adjusted profit of $1.87 per diluted share, according to financial markets data firm Refinitiv.

George Weston’s businesses include Loblaw, Choice Properties and Weston Foods.

This report by The Canadian Press was first published Feb. 25, 2020.

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