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Industry NewsGeorge Weston Q4, Fiscal 2023: Full-year revenue tops $60B milestone

George Weston Q4, Fiscal 2023: Full-year revenue tops $60B milestone

George Weston Limited (CNW Group/George Weston Limited)

George Weston reached a milestone with its fiscal 2023 results with revenue of more than $60 billion, an increase of $3 billion over last year or 5.4 per cent.

Fourth quarter revenue for 2023 was $14.7 billion, an increase of $558 millio or 3.9 per cent.

“George Weston Limited’s operating companies delivered strong and consistent operating and financial results in the fourth quarter of 2023,” said Galen G. Weston, chairman and CEO of George Weston Limited. “Our market leading businesses continue to serve their customers and tenants well, positioning our group of companies for continued value creation.”

Loblaw Companies led strong growth for George Weston, with revenue increasing 3.7 per cent or $524 million to $14,531 million.

CEO Galen Weston said Loblaw’s “value proposition, private label brands, and personalized PC Optimum™ offers continued to resonate with customers seeking quality and value. This resulted in traffic growth and continued market share momentum in food retail. Loblaw recorded an internal food inflation lower than Canada’s food CPI again this quarter, demonstrating the impact of its continuing investments in value.”

Earlier this month, George Weston’s Loblaw business announced a $2 billion investment plan that includes plans to open 40 new stores, expand or relocate another 10 stores and create 7,500 jobs.

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