George Weston Ltd. launched a multi-year transformation plan in its most recent quarter as its profits fell by two-thirds in a difficult year for the company. The company’s fourth-quarter profit fell as a result of special items including the cost of a $25 Loblaw gift card program offered as a goodwill gesture to customers for the company’s involvement in an alleged industry-wide price-fixing scheme. Excluding certain items, George Weston’s adjusted net earnings available to common shareholders were up by $24 million to $228 million or $1.78 per common share. The cards reduced George Weston’s fourth-quarter profit by $39 million or 30 cents per share. Partially offsetting the negative special items were favourable items related to asset impairments, changes to tax rates and tax assets and an agreement for the previously announced future sale of 9.6 million Loblaw common shares.

Source: thestar March 02, 2018 13:01 UTC