Good results at the company’s bakery division have helped Canadian food group George Weston swing back into profit in its fourth quarter.
George Weston said it earned C$249m ($215m), or C$1.85 a share, in its fourth quarter, compared with a loss of C$1m, or 6 Canadian cents a share, a year earlier
Sales for the fourth quarter increased 4.4% to $7.4bn. On a year-to-date basis, sales increased 5.3% to $31.4bn. Sales at its bakery Division, Weston Food, were up 7.7%
In a statement the company said: “The outlook for 2006 for Weston Foods is for continued growth in sales as a result of continued volume, price and product mix improvements. Operating income growth is expected to continue, with operating margins being pressured by underlying cost inflation, particularly with respect to certain materials, energy and people related benefits costs.”
Weston makes Country Harvest bread as well as sweet Entenmann’s cakes, Wonder bread and Girl Guide cookies.