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George Weston sees rise in sales

Reports $51 million second quarter profit

George Weston Ltd. says it earned a profit attributable to shareholders of $51 million as sales improved.

The grocery and bakery company says the profit amounted to 32 cents per share in the quarter ended June 20.

That compared with a loss of $208 million or $1.71 per share a year ago when it took a big charge related to the Loblaw acquisition of Shoppers Drug Mart Corp..

Revenue totalled $10.85 billion, up from $10.60 billion in the same quarter last year.

On an adjusted basis, George Weston says it earned a profit of $180 million or $1.33 for the 12-week period, up form an adjusted profit of $169 million or $1.25 per share a year ago.

In addition to its large stake in Loblaw, George Weston's other main business is its Weston Foods bakery operations.

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