George Weston reports smaller Q4 loss compared with a year ago

Photo: The Canadian Press

George Weston Ltd. reported a smaller loss in its fourth quarter compared with a year ago as its revenue edged higher.People shop in the produce area at a Loblaws store in Toronto on May 3, 2018. THE CANADIAN PRESS/Nathan Denette

George Weston Ltd. reported a smaller loss in its fourth quarter compared with a year ago as its revenue edged higher.

The company, which owns a majority stake in Loblaw Cos. Ltd. and a large stake in Choice Properties REIT, says its net loss available to common shareholders from continuing operations amounted to $38 million or 30 cents per diluted share for the quarter ended Dec. 31.

The result compared with a loss of $114 million or 83 cents per diluted share in the last three months of 2022.

Revenue for the quarter totalled $14.70 billion, up from $14.14 billion a year earlier.

On an adjusted basis, George Weston says it earned $2.51 per diluted share from continuing operations, down from an adjusted profit of $2.59 per diluted share a year earlier.

Chairman and chief executive Galen Weston says George Weston's operating companies delivered strong and consistent operating and financial results in the fourth quarter.