George Weston reports Q1 profit down on Choice REIT charges, raises dividend

By The Canadian Press on May 7, 2024.

George Weston Ltd. raised its quarterly dividend as it reported its first-quarter profit fell compared with year ago as it was hit by one-time items related to its large stake in Choice Properties Real Estate Investment Trust.The corporate logo of George Weston Ltd. is shown. THE CANADIAN PRESS/HO - George Weston Ltd. *MANDATORY CREDIT*

TORONTO – George Weston Ltd. raised its quarterly dividend as it reported its first-quarter profit fell compared with year ago as it was hit by one-time charges related to its large stake in Choice Properties Real Estate Investment Trust.

The company, which also holds a majority interest in Loblaw Cos. Ltd., says it will now pay a quarterly dividend of 82 cents per share, up from 71.3 cents per share.

The increased payment to shareholders came as George Weston says its profit attributable to common shareholders totalled $236 million or $1.73 per diluted share for the quarter ended March 23.

The result was down from a profit of $426 million or $3.01 per diluted share in the same quarter last year.

Revenue for the quarter totalled $13.74 billion, up from $13.13 billion a year earlier.

On an adjusted basis, George Weston says it earned $2.30 per diluted share, up from an $1.99 per diluted share in the same quarter last year.

This report by The Canadian Press was first published May 7, 2024.

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