George Weston’s full-year bottom line was hit by a 43% drop in net profit during the fourth quarter.
Fourth-quarter net earnings fell to C$65m (US$63.1m), down from C$109m, the company revealed yesterday (28 February). George Weston said the decline was primarily the result of a forward sale agreement for 9.6m shares in the firm’s Loblaw supermarket chain, as well as restructuring and one-off charges. Sales were up 1.2% at C$7.73bn.
For the full year, George Weston reported net income of C$486m, down 23.5% on 2011. Revenue was down slightly for 2012, slipping to C$32.74bn from C$32.38bn.