George Weston Ltd. reports Q3 profit up from year ago, sales increase

TORONTO – George Weston Ltd. (TSX:WN) says it earned a profit attributable to shareholders of $161 million in its latest quarter, up from $53 million in the same quarter a year ago.

The grocery and bakery company says the profit amounted to $1.15 per common share for the 16 weeks ended Oct. 10, up from 30 cents per share in the third quarter last year.

Sales totalled $14.4 billion, up from nearly $14 billion.

On an adjusted basis, Weston earned $1.66 per share, up from $1.59 per share a year ago.

The company says the increase was due to an improvement at its Loblaw retail business, offset by a decline in performance at its Weston Foods bakery business.

Weston also said it saw a drop in interest costs and other financing charges.