April 16th, 2024

George Weston reports smaller Q4 loss compared with a year ago

By The Canadian Press on February 28, 2024.

George Weston Ltd. reported a smaller loss in its fourth quarter compared with a year ago as its revenue edged higher.People shop in the produce area at a Loblaws store in Toronto on May 3, 2018. THE CANADIAN PRESS/Nathan Denette

TORONTO – George Weston Ltd. reported a smaller loss in its fourth quarter compared with a year ago as its revenue edged higher.

The company, which owns a majority stake in Loblaw Cos. Ltd. and a large stake in Choice Properties REIT, says its net loss available to common shareholders from continuing operations amounted to $38 million or 30 cents per diluted share for the quarter ended Dec. 31.

The result compared with a loss of $114 million or 83 cents per diluted share in the last three months of 2022.

Revenue for the quarter totalled $14.70 billion, up from $14.14 billion a year earlier.

On an adjusted basis, George Weston says it earned $2.51 per diluted share from continuing operations, down from an adjusted profit of $2.59 per diluted share a year earlier.

Chairman and chief executive Galen Weston says George Weston’s operating companies delivered strong and consistent operating and financial results in the fourth quarter.

This report by The Canadian Press was first published Feb. 28, 2024.

Companies in this story: (TSX:WN, TSX:L, TSX:CHP.UN)

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