Canadian food manufacturer and retailer George Weston Limited has reported higher first-quarter profits after improved results from retail arm Loblaw.
The company booked net income of C$162m for the 12 weeks to 23 March, up 33.9% on the year before.
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Operating income increased 39.4% to C$382m. Excluding one-off items, including the positive impact of amendments to George Weston’s defined benefit plans, adjusted operating income rose 3.9% to C$323m.
On a reported and an adjusted basis, Loblaw saw its operating income increase on higher sales and an improved performance from the retailer’s financial services business.
At Weston Foods, which supplies a range of bakery products, reported operating income fell on the back of a change in the value of commodity derivatives. Adjusted operating income was flat. Sales were down 0.2% on the back of lower volumes.
Company-wide sales were up 3.7% at C$7.49bn.
Click here for the full statement from George Weston Limited.
