George Weston Ltd. says it incurred about $312-million in COVID-19 related costs, in a July 28, 2020 story. (Photo by THE CANADIAN PRESS)

George Weston Ltd. says it incurred about $312-million in COVID-19 related costs, in a July 28, 2020 story. (Photo by THE CANADIAN PRESS)

George Weston loses $255 million in second quarter on COVID-related costs

Net profit decreased to $142 million

TORONTO — George Weston Ltd. is reporting a $255-million loss in its latest quarter despite a 6.5 per cent increase in revenues as its operations were significantly affected by COVID-19.

The retail, bakery and real estate business says it lost $1.66 per share for the period ended June 13, compared with a $1.19 per share or $184-million profit in the second quarter of 2019.

George Weston says it incurred about $312-million in COVID-19 related costs, mainly from Loblaw Companies Ltd. but also Weston Foods and Choice Properties Real Estate Investment Trust.

Excluding one-time items, its adjusted net profit decreased 46 per cent to $142 million or 93 cents per share, down from $263 million or $1.70 per share in the prior year.

Revenue increased to $12.36 billion from $11.6 billion.

The Toronto-based company missed expectations as it was expected to earn $1.41 per share in adjusted profits on $12.5 billion of revenues, according to financial markets data firm Refinitiv.

“Our businesses in retail, real estate and consumer goods continued to take thoughtful and deliberate actions in response to the COVID-19 pandemic, delivered essential goods and services to customers, tenants and communities, all while remaining committed to our longer-term strategic priorities,” said chairman and CEO Galen G. Weston.

This report by The Canadian Press was first published July 28, 2020.

Groceries

Just Posted

The City of Red Deer sits at 249 active cases of the virus, after hitting a peak of 565 active cases on Feb. 22. (Black Press file image)
Red Deer down to 119 active COVID-19 cases

Province identifies 179 new cases Saturday

Member Terry Parsons’ custom built track vehicle.
Forestburg’s Area 53 Racetrack gears up for action-packed season

Site will also host a portion of the ‘Miles of Mayhem’ event in July

File photo
Sylvan Lake NexSource Centre reopens Monday

As part of the provincial reopening plan, the recreation facility is able to open to the public

At an outdoor drive-in convocation ceremony, Mount Royal University bestows an honorary Doctor of Laws on Blackfoot Elder and residential school survivor Clarence Wolfleg in Calgary on Tuesday, June 8, 2021. THE CANADIAN PRESS/Jeff McIntosh
‘You didn’t get the best of me’: Residential school survivor gets honorary doctorate

Clarence Wolfleg receives honorary doctorate from Mount Royal University, the highest honour the school gives out

Flowers and cards are left at a makeshift memorial at a monument outside the former Kamloops Indian Residential School to honour the 215 children whose remains are believed to have been discovered buried near the city in Kamloops, B.C., on Monday, May 31, 2021. THE CANADIAN PRESS/Darryl Dyck
‘Pick a Sunday:’ Indigenous leaders ask Catholics to stay home, push for apology

Indigenous leaders are calling on Catholics to stand in solidarity with residential school survivors by not attending church services

“They will never be forgotten, every child matters,” says Sioux Valley Chief Jennifer Bone in a video statement June 1. (Screen grab)
104 ‘potential graves’ detected at site of former residential school in Manitoba

Sioux Valley Dakota Nation working to identify, repatriate students buried near former Brandon residential school

Denmark’s Christian Eriksen receives medical attention after collapsing during the Euro 2020 soccer championship group B match between Denmark and Finland at Parken stadium in Copenhagen, Saturday, June 12, 2021. (AP Photo/Martin Meissner, Pool)
Christian Eriksen in stable condition, Euro 2020 match resumes

Eriksen was given chest compressions after collapsing on the field during a European Championship

As stories of the horrors of residential schools circulate after the Tk’emlups te Secwepemc First Nation announced it had located what are believed to be the remains of 215 children, Grand Chief Stewart Phillip of the Union of B.C. Indian Chiefs said he feels a connection with the former students. THE CANADIAN PRESS/Darryl Dyck
2 sides of the same coin: Ex-foster kids identify with residential school survivors

Grand Chief Stewart Phillip says the child welfare system takes Indigenous children from their families

Airport ground crew offload a plane carrying just under 300,000 doses of the single-shot Johnson & Johnson COVID-19 vaccine which is developed by the Janssen Pharmaceutical Companies at Pearson International Airport during the COVID-19 pandemic in Toronto on Wednesday, April 28, 2021. THE CANADIAN PRESS/Nathan Denette
1st batch of Johnson & Johnson vaccines won’t be released in Canada over quality concerns

The vaccines were quarantined in April before they were distributed to provinces

Grade 12 students at Wetaskiwin Composite High School took place in the annual water fight off school property on June 11, 2021. Shaela Dansereau/ Pipestone Flyer.
Graduating students in Wetaskiwin throw water fight after being told it could result in suspension

Students were told their participation could result in them being barred from graduation ceremonies.

The arrest south of Winnipeg occurred before Bernier was to arrive at a protest in the city. (Twitter/Maxime Bernier)
Maxime Bernier arrested following anti-rules rallies in Manitoba: RCMP

He’s been charged with exceeding public gathering limits and violating Manitoba’s requirement to self-isolate

Most Read