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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Loblaw’s operating income for the second quarter was up 1.9% at $328m.

Loblaw sales for the second quarter of 2010 increased 1.2% to C$7.32bn increased 1.2% compared to the second quarter of 2009.
The acquisition of Asian retailer T&T Supermarket sales positively impacted Loblaw’s sales by 1.9%. Same-store sales declined 0.3% over the quarter.
George Weston’s group turnover inched up 0.6% to C$7.53bn.

 

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