George Weston Ltd. reports second-quarter profit up from year ago

TORONTO – George Weston Ltd. (TSX:WN) reported an improved second-quarter profit compared with a year ago, boosted by its Loblaw operations.

However, the company said its Weston Foods results were below expectations due to challenges in its frozen business.

Weston Foods contributed $24 million in operating income for the quarter, down from $26 million a year ago, while Loblaw had operating income of $624 million, up from $515 million a year ago.

Overall, the company says it earned $160 million attributable common shareholders or $1.23 per diluted share for the 12 weeks ended June 17. That compared with a profit of $133 million or $1.04 per diluted share a year ago.

Sales for the quarter edged up to nearly $11.44 billion compared with nearly $11.08 billion in the same quarter a year ago.

On an adjusted basis, George Weston says it earned $216 million or $1.67 per share for the quarter, up from $200 million or $1.56 per share a year ago.