George Weston, Canada’s largest food processor and the parent of Loblaw, the country’s largest retailer, today (30 July) posted higher second-quarter profits.
The company posted net income of C$125m (US$121.4m) for the three months to 19 June, which compared favourably to last year’s C$4m.
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George Weston’s net income in the second quarter of 2009 was hurt by foreign exchange losses on investments and charges due to the end of a note offer.
Operating income climbed 35.1% to C$389m as George Weston saw the operating performance of both its Weston Foods and Loblaw divisions improve.
Weston Foods’ operating income was $67m in the second quarter of 2010 compared to $56m a year earlier, the company said.
However, sales at Weston Foods fell 9.1% to $359m compared to the same period in 2009. Foreign currency translation hit sales by approximately 4.9%.
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By GlobalData
Loblaw’s operating income for the second quarter was up 1.9% at $328m.
