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

TORONTO — George Weston Ltd. reported its third-quarter profit rose compared with a year ago, boosted in part by improved performance at Loblaw Companies Ltd. and its direct ownership interest in Choice Properties as a result of a reorganization last year.

The Toronto-based retail, bakery and real estate business says it earned a profit attributable to common shareholders of $69 million, or 44 cents per diluted share, for the quarter ended Oct. 5.

That compared with a profit of $51 million attributable to common shareholders, or 40 cents per diluted share, in the same quarter last year.

Sales totalled $15.2 billion, up from nearly $14.9 billion.

On an adjusted basis, George Weston says it earned $391 million or $2.54 per diluted common share in its latest quarter, up from $288 million or $2.25 per diluted common share a year ago.

Analysts on average had expected an adjusted profit of $2.14 per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 19, 2019.

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

The Canadian Press

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