George Weston Ltd. says its third quarter profit is up from one year ago, boosted by its Loblaw Companies Ltd. business, but offset in part by its Weston Foods operations, according the company's quarterly earnings report.
Galen Weston, chairman and CEO of George Weston Ltd., says "Loblaw delivered solid results in an increasingly competitive market. Weston Foods had a disappointing quarter as the frozen business continued to under-perform due to soft sales and operational challenges, while the fresh, artisan and biscuit businesses performed as expected."
The company says it earned a profit of $420 million in the quarter ending Oct. 7, up from $254 million a year ago. On an adjusted basis, George Weston says it earned $277 million, up from $266 million in the same quarter last year. Sales totalled $14.65 billion, up from $14.61 billion.
Last month, the company confirmed it was aware of an industry-wide investigation by the Competition Bureau into price-fixing related to packaged bread products. George Weston says court filings by the regulator remain sealed while searches are completed, but it expects to be able to comment further after those filings are unsealed.
With files from CP