George Weston reports $477M Q3 profit, revenue up nearly five per cent

George Weston Ltd. reported a third-quarter profit attributable to shareholders of $477 million in its latest quarter as its revenue rose nearly five per cent.

The company,  which owns a majority stake in Loblaw Cos. Ltd. and a large stake in Choice Properties Real Estate Investment Trust, says the profit amounted to $1.23 per diluted share for the 16-week period ended Oct. 4.

The result compared with a profit of $15 million or three cents per diluted share in the same quarter last year.

On an adjusted basis, George Weston says it earned $1.37 per diluted share in its latest quarter, up from an adjusted profit of $1.19 per diluted share a year ago.

Revenue totalled $19.55 billion, up from $18.69 billion in the same quarter last year.

Chairman and chief executive Galen Weston says Loblaw attracted more customers, while Choice Properties saw strong tenant demand across its portfolio. 

"With our businesses continuing to serve the needs of their customers and tenants while executing on their long-term strategies, George Weston is positioned for continued growth," Weston said in a statement.