George Weston Q3 profit down as it sells Weston Foods

George Weston Ltd. reported a third-quarter profit attributable to common shareholders of $124 million, down from $303 million in the same quarter last year.

The company, which owns large interests in Loblaw Companies Ltd. and Choice Properties Real Estate Investment Trust, says the profit amounted to 82 cents per diluted share for the 16-week period ended Oct. 9, down from $1.96 per diluted share a year ago.

Revenue totalled $16.19 billion, up from $15.81 billion in the same quarter last year.

On an adjusted basis, George Weston says it earned $2.39 per diluted share, up from $2.32 per diluted share a year ago.

Earlier this month, the company signed a deal to sell its Weston Foods ambient bakery business to to Illinois-based Hearthside Food Solutions for $370 million.

The agreement followed a deal in October to sell its fresh and frozen bakery businesses to FGF Brands Inc. for $1.2 billion.