George Weston reports fourth-quarter profit down on one-time charges

Photo: Jon Manchester

George Weston Ltd. reported its fourth-quarter profit fell compared with a year ago as it was hit by one-time charges.

The company, which operates through Loblaw, Choice Properties and Weston Foods, says it earned a profit available to common shareholders of $289 million or $1.88 per diluted share for the quarter ended Dec. 31.

The result was down from a profit of $433 million or $2.81 per diluted share a year earlier.

However, on an adjusted basis, George Weston says it earned $2.03 per diluted share, up from an adjusted profit of $1.69 per diluted share in the fourth quarter of 2019.

Revenue for the fourth quarter of 2020, which included 13 weeks, totalled $13.81 billion, up from $12.11 billion a year earlier when George Weston's fourth quarter only had 12 weeks.

Analysts on average had expected an adjusted profit of $1.89 per share and $14.06 billion in revenue, according to financial data firm Refinitiv.