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Profit, sales rise at Canadian food giant George Weston in its second quarter

TORONTO – George Weston Ltd. (TSX:WN) produced $133 million of net income available to shareholders in the second quarter as sales by the grocery and bakery company increased by 2.1 per cent.

The profit amounted to $1.04 per share, or $1.56 per share after adjustments, with $11.1 billion of sales.

In last year’s second quarter, George Weston’s net income was $41 million or 31 cents per share and its adjusted earnings were $1.32 per share.

Most of the company’s overall revenue was from its largest subsidiary, Loblaw Co. Ltd. (TSX:L).

Sales at Weston Foods were up 6.9 per cent or $32.2 million to $496 million. Nearly half of the increase was due to the positive impact of currency exchange rates, the company said.

That was dwarfed by sales from its Loblaw segment, which rose 1.9 per cent or nearly $200 million to $10.73 billion.