George Weston Ltd. Net Profit Falls 40% to $65M in Q4; Revenue Up Slightly

By McKenna, Hugh | The Canadian Press, February 28, 2013 | Go to article overview

George Weston Ltd. Net Profit Falls 40% to $65M in Q4; Revenue Up Slightly


McKenna, Hugh, The Canadian Press


George Weston Ltd. profit down 40% in Q4

--

TORONTO - Bakery and grocery company George Weston (TSX:WN) says jts net earnings fell 40 per cent in the fourth quarter, helping to pull full-year profits down amid restructuring and other charges aimed at shoring up its competitive position.

"Weston Foods delivered satisfactory operating results despite a challenging environment," executive chairman W. Galen Weston said Thursday during a conference call with analysts.

"In 2012 the company continued to focus on long-term value creation for shareholders," Weston said, noting incremental investments in the "customer proposition" and other improvements by grocery chain Loblaw (TSX:L).

Galen Weston directly and indirectly owns 63 per cent of George Weston which, in turn, is the majority shareholder of Loblaw and Weston Foods, the bakery division.

The grocery business in Canada is seeing increased competition not only among traditional players, but also through expansion by new entrants such as Walmart and Target, which is expected to open the first of its Canadian stores this year.

Target's official launch date hasn't been announced but some locations are expected to open by the end of March, the first of at least 124 planned stores.

It's also an environment where profits need to be driven by productivity and innovation, company president Pavi Binning told the analysts.

Binning said the company's results "came in as we expected" with adjusted operating profits slightly ahead of the prior year, driven primarily by productivity improvements.

"In terms of price increases, what I would sort of say is that the pricing environment remains tough out there," he said in answer to a question.

Although George Weston has announced price increases of "a few per cent" in its fresh bakery business effective in February "our objective is to cover commodity costs," he said.

Meanwhile the company, is moving to increase into double digit territory the "very small" percentage of sales represented by new products like gluten-free bread, while also focusing on the health and nutritional benefits of wheat in promoting other key bakery items. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

George Weston Ltd. Net Profit Falls 40% to $65M in Q4; Revenue Up Slightly
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.