Weston Bakery truck trailers sit idle at a George Weston Ltd. owned facility on the Queensway in Toronto.Louie Palu/The Globe and Mail
George Weston Ltd. 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.