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Industry NewsGeorge Weston reports Q4 profit as it closes bakery business sale

George Weston reports Q4 profit as it closes bakery business sale

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George Weston Limited reported a profit in its fourth quarter, during which it completed the $370 million sale of its Weston Foods business.

The company’s profit from continuing operations increased $154 million to $418 million when compared to the same period last year. Revenue for the 12-week period declined slightly to $12.90 billion from $13.43 billion in the same quarter of 2020. On an adjusted basis, profit increased $79 million to $347 million when compared to 2020 and George Weston says the increase was primarily due to the improvement in “the underlying operating performance of Loblaw, the favourable year-over-year impact of asset impairments, net of recoveries recorded on consolidation and lower adjusted net interest expense and other financing charges, partially offset by the impact of a higher adjusted effective tax rate.”

Galen G. Weston, chairman and CEO of George Weston Limited, says that with the completion of the sale of its bakery business, “we can focus on our market leading businesses in retail and real estate. Loblaw and Choice Properties showed strength in the fourth quarter as they delivered improved results across the board. With robust strategic agendas at Loblaw and Choice Properties, we remain confident in the long-term value creation opportunities for each of them.”

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