George Weston
Ltd.'s profit in the fourth quarter plunged to $28 million compared with $82
million for the same quarter last year.
Revenues
declined by one per cent to $11.4 billion.
This year’s
profits were hit hard by revelation of price-fixing on Weston’s bread and
Loblaws’ offer of $25 gift cards as compensation.
The cards
reduced Loblaws’ fourth-quarter profit by $39-million.
George Weston
Ltd. owns both Weston’s bread and Loblaws, which includes Zehrs. Fortino’s,
Superstores and No Frills stores.
The quarter
also included a number of other one-time items, both positive and negative,
including $75-million or 58 cents per share related to a merging of the Loblaw
and Shoppers Drug Mart loyalty points programs.
