George Weston posts increased Q2 adjusted earnings before items

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO – George Weston Ltd.’s second-quarter net earnings attributable to shareholders fell to $98 million, from $135 million a year earlier, primarily due to a recurring accounting item related to a sale agreement for 9.6 million Loblaw shares.Basic net earnings per common share were 69 cents, down from 98 cents during the same period last year.During the quarter, George Weston booked a charge of 34 cents per share for net interest expense and other financing charges related to a fair value adjustment stemming from the forward sale agreement, on Weston’s books since 2004.After excluding certain items, George Weston (TSX:WN) reported $1.10 per share of adjusted basic earnings per share, up from $1.05 a year earlier and two cents per share better than analysts estimated.George Weston’s sales were $7.79 billion, up from $7.63 billion a year ago. Weston Foods accounted for about $413 million of the revenue, while Loblaw accounted for $7.52 billion.George Weston is the largest shareholder of Loblaw, which is set to add Shoppers Drug Mart (TSX:SC) to its current list of grocery, pharmacy and clothing businesses. The companies have also set up Choice Properties Real Estate Investment Trust, which began trading publicly after the quarter ended.George Weston, which is controlled by the Weston family, continues to have a stake in Choice, which has acquire about $7 billion of properties and related assets from Loblaw.Weston Foods is a fresh and frozen baked goods company that owns brands like Wonder and D’Italiano breads. George Weston also owns about 63 per cent of Loblaw, which operates grocery stores under various banners across Canada.Weston Foods saw a sales increase of 3.3 per cent from $400 a year ago. Loblaw sales were up two per cent from $7.38 billion during the same quarter last year. by The Canadian Press Posted Jul 30, 2013 10:17 am MDT George Weston posts increased Q2 adjusted earnings before items

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