George Weston Ltd. reported a first-quarter profit of $106 million, up from $83 million a year earlier, the company announced Tuesday. The increase was driven by strong performance in its bakery and grocery businesses.
Financial Highlights
The Toronto-based company said its diluted earnings per share rose to $1.45 from $1.12 in the same quarter last year. Revenue increased to $12.3 billion, up from $11.8 billion, fueled by higher sales in its Weston Foods bakery division and Loblaw grocery chain.
Segment Performance
Weston Foods saw revenue growth of 4.5%, driven by price increases and volume gains. Loblaw's same-store sales rose 2.1%, with strong performance in pharmacy and food retail. The company's cash flow from operations increased to $789 million from $712 million.
George Weston also announced a quarterly dividend of $0.75 per share, payable June 15 to shareholders of record on May 25.
"We are pleased with our first-quarter results, which reflect the strength of our portfolio and the dedication of our teams," said CEO Galen Weston Jr. in a statement. "We remain focused on executing our strategy and delivering value for our shareholders."
The company's shares rose 1.2% on the Toronto Stock Exchange following the earnings release.
