George Weston reports Q1 profit down on Choice REIT charges, raises dividend
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.
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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)
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The Canadian Press