George Weston Ltd yesterday (11 May) posted an increase in comparable first-quarter profits on higher revenues and improved margins.
The company, which operates Loblow supermarkets, said that net profit totalled C$42m (US$40.9m) for the quarter ended 27 March, down from $863m last year.
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However, stripping out the impact of currency exchange and last year’s one-time gain of $921m from the sale of Weston’s US bakery business to Grupo Bimbo, Weston was able to post an increase in profit for the period.
Operating income totalled $274m compared to $101m in the comparable period of 2009 and operating margin increased to 3.8% compared to 1.4% last year.
Sales for the three month period increased by 2.2% to $7.18bn, the company revealed.
Click here for the full press release or check back later for just-food’s coverage of George Weston’s conference call.
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