George Weston Ltd. WN-T reported a fourth quarter profit after completing the sale of its Weston Foods business.
The company sold its Weston Foods bakery business in two separate deals that closed in December for total gross proceeds of $1.47 billion.
George Weston, who has a large stake in Loblaw Companies Ltd. LT and Choice Properties REIT, said its earnings available to common shareholders were $217 million or $1.44 per diluted share for its fourth quarter, down from $289 million or 1.88 $ per diluted share a year earlier.
However, the company says its earnings available to common shareholders from continuing operations totaled $418 million or $2.80 per diluted share for the quarter, compared to $264 million or $1.72 per diluted share in the fourth. quarter 2020.
Revenue for the 12 weeks ended December 31 totaled $12.90 billion, compared to $13.43 billion for the 13 weeks ended December 31, 2020.
On an adjusted basis, George Weston reports earnings from continuing operations totaled $2.32 per diluted share in the fourth quarter of 2021, compared to $1.74 per diluted share in the last three months of 2020.
“Loblaw and Choice Properties demonstrated strength in the fourth quarter with improved results across the board,” President and CEO Galen G. Weston said in a statement.
“With strong strategic programs at Loblaw and Choice Properties, we remain confident in the opportunities for long-term value creation for each of them.”
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