Friday, March 2, 2018

Weston profit plunges

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.