Source: Choice Properties / George Weston Ltd.
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  • George Weston Ltd. (WN) released its consolidated unaudited results for Q2 2022
  • George Weston’s net earnings were $640 million, an increase of $525 million compared to Q2 2021
  • Consolidated Q2 2022 revenue was $12,979 compared to 12,637 for the same period last year
  • Loblaw revenue in the second quarter of 2022 was $12,847 million, an increase of $356 million, or 2.9 per cent
  • Retail sales were $12,623 million, an increase of $341 million, or 2.8 per cent, compared to the same period in 2021
  • George Weston Limited (WN) was trading 1.15 per cent lower at $156.90 per share as of 12:55 pm ET

George Weston (WN) has released its consolidated unaudited results for Q2, the 12 weeks ending June 18, 2022.

George Weston’s net earnings were $640 million, an increase of $525 million compared to Q2 2021. The increase was due to the favourable year-over-year net impact of adjusting items and an improvement in the company’s consolidated underlying operating performance.

Consolidated Q2 2022 revenue was $12,979 compared to 12,637 for the same period last year.

Revenue from its subsidiary Loblaw Companies Ltd. was $12,847 million in Q2, an increase of $356 million, or 2.9 per cent, compared to the same period in 2021, driven by an increase in retail sales and an improvement in financial services revenue.

Retail sales were $12,623 million, an increase of $341 million, or 2.8 per cent, compared to the same period in 2021.

For 2022, the company expects adjusted net earnings from continuing operations to increase due to the results from its operating segments and to use excess cash to repurchase shares. The company expects its retail business to grow earnings faster than its sales.

Choice Properties continued to execute on its mixed-use and industrial development projects and completed seven property transactions totaling $228 million in Q2.

George Weston’s Chairman and CEO, Galen G. Weston stated that Loblaw and Choice Properties delivered strong and consistent operating results during the second quarter and are well-positioned in the current economic environment.

George Weston is a holding company that operates two subsidiaries, Loblaw Companies Limited and Choice Properties Real Estate Investment Trust. 

George Weston Limited (WN) was trading 1.15 per cent lower at $156.90 per share as of 12:55 pm ET.


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