George Weston reports third quarter profit and revenue up from year ago

George Weston Ltd. reported a third-quarter profit available to common shareholders from continuing operations of $889 million, up from $238 million a year earlier.

The company, which owns large interests in Loblaw Companies Ltd. and Choice Properties Real Estate Investment Trust, said the profit amounted to $6.14 per diluted share for the quarter ended Oct. 8.

The result compared with a profit available to common shareholders from continuing operations of $1.58 per diluted share in the same quarter a year earlier.

Revenue for the 16-week period totalled $17.52 billion, up from $16.19 billion in the same quarter last year.

On an adjusted basis, George Weston said it earned $3.12 per diluted share from continuing operations, up from an adjusted profit of $2.43 per diluted share in the third quarter of 2021.

George Weston chairman and chief executive Galen G. Weston says Loblaw and Choice Properties demonstrated their ability to deliver consistent financial and operating results with strong third-quarter performance.