George Weston Q3 profit down from year ago

George Weston Ltd. reported its third-quarter 2023 profit fell compared with a year ago because of one-time charges driven by its stake in Choice Properties Real Estate Investment Trust. It reported a profit of $465.2 million in the third quarter and posted revenue of $13.72 billion in the period.

“George Weston delivered another quarter of positive results, underpinned by the consistent strong operational and financial performance of its businesses,” says Galen G. Weston, Chairman and CEO of George Weston Limited. “Choice Properties delivered stable cash flows and strong occupancy, and customers responded favourably to Loblaw’s offering of value, service, and quality. With strong performance from both of its market-leading businesses, George Weston is well positioned for the rest of the year.”

In the third quarter of 2023, the company recorded net earnings available to common shareholders from continuing operations of $610 million ($4.41 per common share), a decrease of $279 million ($1.73 per common share) compared to the same period in 2022. George Weston says the decrease was due to the unfavourable year-over-year net impact of adjusting items totaling $292 million ($1.97 per common share), partially offset by an improvement of $13 million ($0.24 per common share) in the consolidated underlying operating performance of the Company described below.

Loblaw Companies delivered “another quarter of strong operation and financial results.” The food and drug retail business generated sales growth, increased market share and higher unit sales. Weston says in the food retail segment, Loblaw’s discount stores led the growth.