CANADA: George Weston Q4 profits drop 40%
By Katy Askew | 1 March 2013
- Q4 net income down 43%
- FY earnings slide 23.5%
- FY sales largely flat
George Weston's full-year bottom line was hit by a 43% drop in net profit during the fourth quarter.
Fourth-quarter net earnings fell to C$65m (US$63.1m), down from C$109m, the company revealed yesterday (28 February). George Weston said the decline was primarily the result of a forward sale agreement for 9.6m shares in the firm's Loblaw supermarket chain, as well as restructuring and one-off charges. Sales were up 1.2% at C$7.73bn.
For the full year, George Weston reported net income of C$486m, down 23.5% on 2011. Revenue was down slightly for 2012, slipping to C$32.74bn from C$32.38bn.
George Weston Limited - Fourth Quarter and Fiscal Year Ended December 31, 2012(1).
TORONTO, ONTARIO February 28, 2013 George Weston Limited (TSX: WN) (“GWL”) today announced its consolidated unaudited results for the 12 weeks ended December 31, 2012 and the release of its 2012 Annual Report.
George Weston Limited and its subsidiaries are together referred to as the “Company”. The Company's 2012 Annual Report to Shareholders, including the Company's audited annual consolidated financial statements and Management's Discussion and Analysis (“MD&A”) for the fiscal year ended December 31, 2012, is available in the Investor Centre section of the Company's website at www.weston.ca and has been filed with the System for Electronic Document Analysis and Retrieval (“SEDAR”) and will be available at www.sedar.com.
“2012 was a year of significant accomplishments for George Weston Limited. Loblaw focused on initiatives to build on its competitive position and Weston Foods delivered satisfactory results, as both segments operated in highly competitive sales environments”, said W. Galen Weston, Executive Chairman, George Weston Limited.
Pavi Binning, President, George Weston Limited, commented that “George Weston Limited's 2012 fourth quarter results came in as expected with both Loblaw and Weston Foods achieving underlying performance slightly better than last year's fourth quarter. Both Loblaw and Weston Foods are well positioned to meet anticipated challenges in 2013”.
Original source: George Weston
Sectors: Bakery, Financials, Retail
Companies: Loblaw
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CANADA: George Weston Q4 profits drop 40%
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