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The Globe and Mail

George Weston swings to profit, sales rise

Weston Bakery truck trailers sit idle at a George Weston Ltd. owned facility on the Queensway in Toronto. George Weston Ltd. in this file photo.

Louie Palu/The Globe and Mail

George Weston Ltd. says it earned a profit attributable to shareholders of $51-million as sales improved.

The grocery and bakery company says the profit amounted to 32 cents per share in the quarter ended June 20.

That compared with a loss of $208-million or $1.71 per share a year ago when it took a big charge related to the Loblaw acquisition of Shoppers Drug Mart Corp..

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Revenue totalled $10.85-billion, up from $10.60-billion in the same quarter last year.

On an adjusted basis, George Weston says it earned a profit of $180-million or $1.33 for the 12-week period, up form an adjusted profit of $169-million or $1.25 per share a year ago.

In addition to its large stake in Loblaw, George Weston's other main business is its Weston Foods bakery operations.

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