George Weston Ltd. reported a profit in its fourth quarter as it completed the sale of its Weston Foods business.
The company sold its Weston Foods bakery business in two separate deals that closed in December for a total of $1.47 billion in gross proceeds.
George Weston, which holds large interests in Loblaw Companies Ltd. and Choice Properties REIT, reported its profit available to common shareholders totalled $217 million or $1.44 per diluted share for its fourth quarter, down from $289 million or $1.88 per diluted share a year earlier.
However, the company says its profit available to common shareholders from continuing operations totalled $418 million or $2.80 per diluted share for the quarter, up from $264 million or $1.72 per diluted share in the fourth quarter of 2020.
Revenue for the 12-week period ended Dec. 31 totalled $12.90 billion, down from $13.43 billion in a 13-week period ended Dec. 31, 2020.
On an adjusted basis, George Weston says its profit from continuing operations totalled $2.32 per diluted share in the fourth quarter of 2021, up from $1.74 per diluted share in the last three months of 2020.
"Loblaw and Choice Properties showed strength in the fourth quarter as they delivered improved results across the board," chairman and chief executive Galen G. Weston said in a statement.
"With robust strategic agendas at Loblaw and Choice Properties, we remain confident in the long-term value creation opportunities for each of them."