Summary

  • George Weston Limited is a Canadian public company founded in 1882, operates through two segments.
  • Loblaw Companies Limited Canada’s largest food and drug retailer and a provider of financial services
  • Choice Properties Real Estate Investment Trust, one of Canada’s largest REITs.

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George Weston Limited (TSX: WN) is a Canadian public company founded in 1882. The Company operates through its two reportable operating segments, Loblaw Companies Limited and Choice Properties Real Estate Investment Trust. Loblaw provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, financial services and wireless mobile products and services. Choice Properties owns, operates, and develops high-quality commercial and residential properties across Canada.

Financial Highlights

Second Quarter 2022 Results1

George Weston Limited's net earnings available to common shareholders of the Company from continuing operations were $640 million in the second quarter of 2022, an increase of $525 million compared to the second quarter of 2021. The increase was due to the favourable year-over-year net impact of adjusting items totaling $472 million and an improvement in the Company's consolidated underlying operating performance of $53 million. Diluted net earnings per common share from continuing operations were $4.36, an increase of $3.62 per common share when compared to the second quarter of 2021.

Adjusted net earnings available to common shareholders of the Company from continuing operations were $328 million in the second quarter of 2022, an increase of $53 million, or 19.3%, compared to the second quarter of 2021. The increase was primarily due to the improvement in the underlying operating performance of Loblaw and lower adjusted net interest expense and other financing charges, partially offset by an increase in the adjusted effective tax rate.

Adjusted diluted net earnings per common share from continuing operations were $2.23 in the second quarter of 2022, an increase of $0.43 per common share, or 23.9%, compared to the second quarter of 2021. The increase was due to the improvement in adjusted net earnings available to common shareholders of the Company from continuing operations and the favourable impact of share repurchases.

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Company Overview

George Weston Limited is a Canadian public company, founded in 1882. George Weston has two operating segments: Loblaw Companies Limited (“Loblaw”), Canada’s largest food and drug retailer and a provider of financial services, and Choice Properties Real Estate Investment Trust (“Choice”), one of Canada’s largest REITs. George Weston aspires to create generational value by actively managing its portfolio of industry-leading businesses.2

Loblaw Companies Limited

Loblaw is Canada's food and pharmacy leader with a network of corporate and independently operated stores in communities across the country. Loblaw's purpose - Live Life Well - supports the needs and well-being of Canadians who make one billion visits each year to the company’s stores. Loblaw is positioned to meet and exceed those needs in many ways, offering: convenient grocery locations that span the value spectrum from discount to specialty, full-service pharmacies, banking services, affordable fashion and family apparel, digital retail presence, four of Canada's top consumer brands in President's Choice®, Life Brand®, no name® and Farmers Market®, as well as Canada's leading loyalty program, PC Optimum .

Choice Properties Real Estate Investment Trust

Choice Properties REIT is a large and diversified owner, manager and developer of a high-quality real estate portfolio comprising over 700 properties. The Choice Properties portfolio is comprised of retail properties, predominantly leased to necessity‐based tenants, industrial, office and residential assets concentrated in attractive markets and offers an impressive and substantial development pipeline. Choice Properties' strategic alliance with its principal tenant, Loblaw Companies Limited, the country's leading retailer, is a key competitive advantage providing long-term growth opportunities.

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Company History

In 1882, a young Toronto bread salesman and former baker’s apprentice named George Weston went into business for himself when he bought a bread route from his employer. By the turn of the century, Weston’s Bread was known throughout the city and George Weston had become Canada’s biggest baker.3

In 1953, George Weston Limited expanded its grocery business, acquiring a majority control of Loblaw Inc.

In the early 1970s, a third generation took charge as W. Galen Weston successfully consolidated the large conglomerate.

Initial public offering of Choice Properties Real Estate Investment Trust in 2013 and the acquisition of Shoppers Drug Mart shortly thereafter. In 2017.

In 2021, George Weston Limited made the decision to sell its Weston Foods bakery business.

References

  1. ^ https://www.newswire.ca/news-releases/george-weston-limited-reports-second-quarter-2022-results-809731393.html
  2. ^ https://www.weston.ca/en/Our-company.aspx
  3. ^ https://www.weston.ca/en/Our-History.aspx
Tags: CA:WN Canada
Created by Asif Farooqui on 2022/09/05 18:09
     

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