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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The Pfizer-BioNTech vaccine deliveres to Canada are being delayed because of complications at their European distribution facility. THE CANADIAN PRESS/Nathan Denette
Delays of Pfizer vaccine delivery to impact Alberta’s vaccination plans

Alberta has administered 74,000 doses of the COVID-19 vaccine so far

Alberta Chief Medical Officer of Health Dr. Deena Hinshaw
Alberta eases some COVID-19 restrictions

Salons, barbershops and other personal and wellness services will be open by appointment only

File Photo
‘You took away some real joy.’ Sylvan Lake Winter Village turned off after vandalism

Sometime during the night of Jan, 12 the light display at the pier was vandalized and damaged

(Black Press file photo)
Sylvan Lake man charged with fraud totalling more than $100,000

Sylvan Lake RCMP have been investigating two companies owned by the same man since June 2019

Justin Kripps of Summerland and his team have competed in Olympic action and World Cup competitions in bobsleigh. (Jason Ransom-Canadian Olympic Comittee).
QUIZ: Are you ready for some winter sports?

It’s cold outside, but there are plenty of recreation opportunities in the winter months

A passer by walks in High Park, in Toronto, Thursday, Jan. 14, 2021. This workweek will kick off with what’s fabled to be the most depressing day of the year, during one of the darkest eras in recent history. THE CANADIAN PRESS/Chris Young
‘Blue Monday’ getting you down? Exercise may be the cure, say experts

Many jurisdictions are tightening restrictions to curb soaring COVID-19 case counts

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. THE CANADIAN PRESS/Nathan Denette
COVID-19: Provinces work on revised plans as Pfizer-BioNTech shipments to slow down

Anita Anand said she understands and shares Canadians’ concerns about the drug company’s decision

Prime Minister Justin Trudeau listens to a question during a news conference outside Rideau cottage in Ottawa, Friday, January 8, 2021. THE CANADIAN PRESS/Adrian Wyld
Trudeau says Canada’s COVID vaccine plan on track despite Pfizer cutting back deliveries

Canadian officials say country will still likely receive four million doses by the end of March

(Via the Canadian Press)
Alberta monolith comes with message to save eastern slopes of Rocky Mountains

‘They deserve our attention. They warrant our protection. They are under threat’

blessing
Bentley Blessing Pantry continues to faithfully serve the community

‘We just wanted to make everyone aware that we are still here to serve you throughout this coming year.’

A Suncor logo is shown at the company’s annual meeting in Calgary on May 2, 2019. A worker is missing after a dozer broke through ice on an inactive Suncor tailings pond in northern Alberta.THE CANADIAN PRESS/Jeff McIntosh
Worker missing after dozer breaks through frozen tailings pond in northern Alberta

The worker was an employee of Christina River Construction

Most Read