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05/11/2021

George Weston reports Q1 loss on one-time charges

Company says net loss available to common shareholders was $62 million, but adjusted profit edges higher

George Weston Ltd. reported a loss in its latest quarter compared with a profit a year ago as it was hit by one-time charges.

The company says its net loss available to common shareholders was $62 million or 41 cents per diluted share for the quarter ended March 27. The result compared with a profit of $582 million or $3.78 per diluted share a year earlier.

George Weston says the loss came as it recorded an unfavourable fair value adjustment of a trust unit liability as a result of the increase in Choice Properties REIT unit prices in the quarter.

On an adjusted basis, the company says it earned $243 million or $1.59 per diluted share for the quarter, up from an adjusted profit of $239 million or $1.55 per diluted share a year ago.

Revenue for the quarter totalled $12.35 billion, up from $12.33 billion in the same quarter last year.

George Weston, which holds large interests in Loblaw Companies Ltd. and Choice Properties REIT, put its Weston Foods bakery business up for sale in March in a move to focus on its retail and real estate operations.