Restructuring charges have continued to weigh on profits at George Weston, North America’s largest baked goods group.
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Weston saw operating profit tumble 23% to C$537m (US$503m) during the first half of the year, the company said today (31 July).
Restructuring and other charges at Weston Foods and at Loblaw, the company’s supermarket business, hit earnings.
Weston is overhauling its Loblaw business, including streamlining its supply chain and cutting jobs due to tough competition in Canada.
The company has also revamped its Weston Foods distribution network in Quebec and warned that a move to rejig its sales network in the US would lead to a further charge of C$4m during the third quarter.
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By GlobalDataOver the first six months of the year, Weston said turnover rose 3.1% to just under C$15bn.
