George Weston: back in the black

Toronto / CA. (gwf) George Weston Limited, majority owner of Canada´s largest supermarket chain Loblaw Companies and North America´s largest baked goods maker, said in a statement that it swung to a Q4/2007 net profit, but the earnings declined after a big charge last year was excluded. George Weston said it earned 151 million CAD in the quarter, reversing a net loss of 428million CAD in the same period a year earlier. The 2006 results include a big write-down from its majority stake in supermarket chain Loblaw. Weston said that adjusted earnings from continuing operations fell to 0,89 CAD from 1,14 CAD per share, as profit was pinched by an ongoing restructuring at Loblaw. On average, analysts had expected a profit of 0,99 CAD a share before exceptions. Consolidated sales increased 1,5 percent to 7,7-billion CAD, but Weston Food sales fell 5,5 percent to 932 million CAD as a stronger Canadian Dollar hurt U.S. denominated revenue. Weston Foods said it expects challenging market conditions in 2008 amid higher ingredient costs, which it plans to offset with ongoing cost cutting and higher prices. For further information please visit George Weston Investor Relations on the internet.