George Weston reports Q1 profit up from year ago, raises quarterly dividend

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TORONTO — George Weston Ltd. raised its dividend as it reported its first-quarter profit and revenue rose compared with a year ago.

The company, which holds large stakes in Loblaw Companies Ltd. and Choice Properties Real Estate Investment Trust, says it will increase its quarterly dividend to 71.3 cents per share from 66 cents per share.

The increased payment came as George Weston says it earned a profit attributable to common shareholders of $426 million or $3.01 per diluted share for the 12-week period ended March 25.

The result was up from a profit of $363 million or $2.45 per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled $13.13 billion, up from $12.41 billion in the same quarter last year.

On an adjusted basis, George Weston says it earned $1.99 per diluted share, up from an adjusted profit of $1.90 per diluted share a year earlier.

This report by The Canadian Press was first published May 9, 2023.

Companies in this story: (TSX:WN, TSX:L, TSX:CHP.UN)

The Canadian Press