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George Weston Q2 profit up from last year

Toronto-based company reports $11.6 billion of sales in the quarter

George Weston Ltd.'s second-quarter profit available to common shareholders jumped to $184 million, up from $28 million last year, but came in below analyst estimates.

The Toronto-based retail, bakery and real estate business reported $11.6 billion of sales for the quarter that ended June 15, mostly from its Loblaw grocery and pharmacy division, up 3.2% from $11.2 billion a year earlier.

READ: Loblaw second-quarter profit, revenue meet estimates

Among the positive items for Weston was $49 million related to its acquisition last year of majority ownership of the Choice Properties real estate trust, which was spun off by Loblaw to its shareholders in November.

Weston's diluted net earnings per common share rose to $1.19, from 21 cents per share in last year's second quarter.

Adjusted net earnings available to common shareholders were $263 million or $1.70 per share, up from $210 million or $1.63 per share last year.

The profit was below analysts estimates of $1.51 per share of net income and $1.58 per share of adjusted net income, according to financial markets data firm Refinitiv.

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