Canadian food giant George Weston has seen first-quarter profits tumble by over a third due largely to restructuring charges.
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The company said yesterday (8 May) that operating income slumped 34.9% to $209m during the 12 weeks to 24 March.
George Weston incurred the charges after Loblaw unit, Canada’s biggest supermarket chain, recorded costs from laying off workers. George Weston also sustained costs from restructuring initiatives from its Weston Foods unit.
Sales during the first quarter rose 3.2% to $7.2bn, the company said.
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