George Weston’s business divisions Loblaw Companies and Choices Properties reported strong financial results.
Loblaw Companies continued to deliver strong results in the fourth quarter. Retail sales grew 9.7 per cent reflecting strong growth in food and drug businesses. Drug retail sales growth was driven by continued strong demand for cough and cold products and strength in high-margin beauty and cosmetics categories. Loblaw's discount stores outperformed, benefiting from an increased consumer focus on price. Market stores extended strong performance relative to peers with impactful promotional strategies. Higher sales and leverage from focused cost control measures drove earnings growth in the quarter.
George Weston says its “grocery and necessity-based retail portfolio” drove Choices Properties’ strong performance.
In 2022, Choice Properties completed more than $1.2 billion of real estate transactions and made significant advances in its industrial and mixed-use development pipelines.
"Loblaw and Choice Properties ended the year with another quarter of strong operational and financial performance," says Galen G. Weston, chairman and CEO, George Weston Limited. "With market-leading businesses that remain focused on delivering their strategic priorities, George Weston is positioned well for continued success in 2023."
On Tuesday, one day before the earnings report, George Weston stock rose, outperforming the market that day, increasing +0.53 per higher to $179.95.
Read the full financial report. https://www.weston.ca/en/pdf_en/gwl_2022q4_en.pdf