News Column


February 27, 2014


TORONTO - George Weston Ltd. (TSX:WN) says its earnings grew to $232 million in the fourth quarter, up from $112 million in the same period last year, as the company continued a restructuring plan that included the purchase of Shoppers Drug Mart (TSX:SC) by Loblaw and the launch of a real estate investment trust.

Adjusted basic net earnings per share were $1.11, up from $1 in the quarter last year and 14 cents better than estimates. Analysts had estimated 97 cents of adjusted earnings.

Earnings were boosted by a lower income tax rate but partially offset by declines in the performance of Weston Foods and Loblaw Companies Ltd. (TSX:L).

The quarter also included a $32 million restructuring charge after Loblaw said it would cut about 275 store-support positions.

Sales came in at $7.9 billion, up from $7.7 billion in the same period last year.

Basic net earnings were $1.37, up from 41 cents, on the fair value adjustment of the forward sale agreement for 9.6 million Loblaw common shares and a number of other items.

(The Canadian Press)

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Source: Canadian Press Broadcast Wire (Canada)

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