George Weston reports $369 million in profit for Q4, up 6.3% from previous year
George Weston Limited reported $14.1 billion in revenue for the fourth quarter of 2022, up 9.6% from the previous year.
The parent company to Loblaw Companies Limited and Choice Properties Real Estate Investment Trust released its results for the quarter and fiscal 2022 Wednesday (March 1).
Net earnings available to common shareholders in Q4 came to $369 million – a 6.3% increase from the prior year.
Revenue for was up 6.1% from 2021 at $57 billion, with net earnings available to common shareholders up 16.2% to $1.4 billion.
Loblaw reported revenue of $14 billion for the fourth quarter of 2022, as food retail same-store sales gained 8.4% and drug retail same-store sales were up 8.7%.
Choice Properties posted $315 million in revenue for Q4. George Weston said that company’s performance was driven by the strength of its grocery-anchored and necessity-based retail portfolio, in addition to the realization of embedded rent growth in its generic industrial portfolio and its mixed-use and residential platform.
"Loblaw and Choice Properties ended the year with another quarter of strong operational and financial performance," said Galen G. Weston, chairman and CEO, George Weston Limited, in a statement. "With market-leading businesses that remain focused on delivering their strategic priorities, George Weston is positioned well for continued success in 2023."
