Improved performance at Loblaw Companies Limited, an income tax expense decrease and direct ownership interest in Choice Properties drove profit increases for George Weston.
Sales in Q3 reached $15.2 million, up from nearly $14.9 million in Q3 2018.
"We are pleased with the results for the quarter," said Richard Dufresne, president and chief financial officer at George Weston, during a conference call with analysts after the company released its results.
Galen G. Weston, Chairman and Chief Executive Officer, George Weston Limited, stated that "George Weston's operating businesses in retail, real estate and consumer goods had another quarter of solid performance. Loblaw remains committed to investing in customer experience and building loyalty to deliver long-term value for shareholders. Choice Properties demonstrated commitment to its strategy, using proceeds from the sale of 30 properties to pay down debt, further strengthening its balance sheet and providing additional capacity to fund its development program. And, Weston Foods demonstrated momentum as the business continued to stabilize."