Weston Foods: Sales decreased 11,9 percent in Q1/2010

Toronto / CA. (gwl) George Weston Limited reports it had 42 million CAD in profit or 0,25 CAD per share in the first quarter with 7,1 billion CAD in revenue. A year earlier, Weston´s continuing operations posted a 27 million CAD loss or 0,28 CAD per share – although overall profit was bolstered by 890 million CAD or 6,89 CAD per share from now discontinued operations. That is either a huge drop or a big improvement from last year (depending on how to look at Weston´s bottom line). In the same period 2009, Weston´s continuing operations – which includes the Loblaw grocery business – posted a 27 million CAD loss or 0,28 CAD per share. But Weston´s overall profit for the first quarter of 2009 was bolstered by 890 million CAD from the sale of part of its U.S. bakery business to Mexican Grupo Bimbo. As a result, Weston´s overall profit last year was 863 million CAD or 6,61 CAD per share – far ahead of the most recent quarter. Weston´s revenue from continuing operations, however, increased to 7,1 billion CAD in the recent quarter from 7,0 billion CAD in the first quarter of 2009. Weston Foods, the company´s fresh and frozen bakery segment, took a 11,9 percent hit on its first quarter sales, which dropped to 385 million CAD largely on foreign exchange losses and lower pricing in its key products. Loblaw, which reported its results last week, increased its sales 3,1 percent to 6,9 billion CAD largely on the performance of Asian chain T+T Supermarket.
Info: The complete release «George Weston Limited Q1/2010» is available on the internet in the company´s «Investor Zone».