Grocery firm George Weston reports big jump in profit
George Weston Ltd. is reporting a big increase in third-quarter profit, mostly because of a decline in restructuring charges, compared with the same time last year.
The parent company of Loblaw and Weston Foods says net income available to common shareholders was $254 million, up 72 per cent from $147 million in the comparable period last year. The improvement included a $113-million decline in restructuring and other related charges, equivalent to 37 cents per share.
On an adjusted basis, profit available to George Weston common shareholders was $266 million, or $2.06 per common share, up $54 million, or 41 cents per share, from the third quarter of 2015.
Weston said the improvement in adjusted profit was due to higher earnings at Loblaw and an increase in George Weston’s interest in Loblaw as a result of share repurchases.
Revenue was up $219 million, or 1.5 per cent, rising to $14.6 billion from $14.4 billion — mostly from the Loblaw division.