George Weston, Canada’s largest food processor and the parent of Loblaw, the country’s largest retailer, has recorded an increase in third quarter net profits.
For the period ended 9 October, the retailer’s net earnings reached C$184m (US$180.1m) compared to C$86m in the prior-year period.
Operating profit climbed 47.1% to reach C$490m. The figure was positively impacted by productivity improvements, lower input costs and lower legal and restructuring charges.
Sales edged up 1.1% to C$9.88bn.
In the 40-week period, profits dropped to C$351m from C$953m a year earlier, while operating profits jumped nearly 60% to C$1.15bn.
Sales rose 1.3% to C$24.59bn.
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