George Weston Ltd. WN-T reported a profit in its fourth quarter compared with a loss a year ago.
The company, which is the controlling unitholder of Choice Properties Real Estate Investment Trust CHP-UN-T and the controlling shareholder of Loblaw Companies Ltd. L-T, says it earned a profit attributable to common shareholders of $664 million or $5.05 per diluted share for the three months ended Dec. 31.
The company says the result compared with a loss of $38 million or 30 cents per diluted share in the last three months of 2023.
On an adjusted basis, George Weston says it earned $3.15 per diluted share in its latest quarter compared with an adjusted profit of $2.51 per diluted share a year ago.
Revenue for the quarter totalled $15.1 billion, up from $14.7 billion a year earlier.
Chairman and chief executive Galen Weston says the results were driven by the consistent and positive performance of its operating businesses.
“Loblaw’s focus on retail excellence provided unmatched quality and value to Canadians, and Choice Properties’ necessity-based portfolio generated stable and growing cash flows,” Weston said in statement.
“Our businesses are well-positioned to deliver on their strategy and financial objectives in 2025.”