Canadian food processor and distributor George Weston has reported a 13% rise in quarterly profit, helped by a strong performance by its Loblaw grocery chain.
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The Toronto-based company posted earnings of C$213m (US$163.4m) for the third quarter to 30 September, compared to $190m a year earlier, reported Reuters.
Sales rose 3% to $8.8bn, compared to $8.5bn in the year-ago period. Sales from food distribution increased 7%. George Weston said food sales and operating income were affected by a rise in value of the Canadian dollar.
“Our expectation for the remainder of 2003 is for continued strength in sales and earnings growth rates for food distribution, with overall sales and earnings growth impacted by the challenges and uncertainties faced by Weston Foods’ customers and competitors in the United States,” the company was quoted by Reuters as saying.
Loblaw, which accounts for around 80% of George Weston’s sales, last week posted a 16% rise in third-quarter profit and a 7% rise in supermarket sales.
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