George Weston Ltd. reports it had $42-million in profit, or 25 cents per share, in the first quarter with $7.1-billion in revenue. A year earlier, Weston's continuing operations posted a $27-million loss or 28 cents per share - although overall profit was bolstered by $890-million or $6.89 per share from now-discontinued operations.
That's either a huge drop or a big improvement from last year, depending on how you look at Weston's bottom line.
In the same period last year, Weston's continuing operations - which includes the Loblaw grocery business - posted a $27-million loss or 28 cents per share.
But Weston's overall profit for the first quarter of 2009 was bolstered by $890-million from the sale of part of its U.S. bakery business.
As a result, Weston's overall profit last year was $863-million or $6.61 per share - far ahead of the most recent quarter.
Weston's revenue from continuing operations, however, increased to $7.1-billion in the recent quarter from $7-billion in the first quarter of 2009.Report Typo/Error
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