Canadian food manufacturer and retailer George Weston Ltd reported higher half-year profits despite a drop in the second quarter.

Net income in the 24 weeks to 15 June increased 1.6% to C$260m as improved operating income and sales offset a jump in finance expenses.

George Weston Ltd, the owner of the Loblaw chain, saw finance expenses almost double in the second quarter and, combined with slower sales growth in the quarter, meant quarterly net earnings dropped 27.4%.

Loblaw, the company’s bigger business, booked higher half-year sales, profits and margins. Revenue at the company’s Weston Foods arm was up 1.5%, with volumes dipping 0.3%. The company cited the loss of frozen products it distributed on behalf of some customers and the impact of foreign exchange. Adjusted operating income inched up 0.8%, with operating margin dipping 10 basis points to 14.9%.

Click here for the complete statement from George Weston Ltd.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.