George Weston Limited Reports Second Quarter 2022 Results
George Weston Limited (TSX: WN) (“GWL” or the “Company”) today announced its consolidated unaudited results for the 12 weeks ended June 18, 2022(2).
GWL’s 2022 Second Quarter Report has been filed on SEDAR and is available at sedar.com and in the Investor Centre section of the Company’s website at weston.ca.
“Loblaw and Choice Properties delivered strong and consistent operating results during the second quarter and are well-positioned in the current economic environment,” said Galen G. Weston, Chairman and CEO, George Weston Limited. “George Weston’s strong and stable market-leading businesses continue to drive long-term value as they execute against their strategic agendas.”
Loblaw Companies Limited (“Loblaw”) delivered strong operational and financial results as it continued to execute on retail excellence in its core businesses, while advancing its growth and efficiencies initiatives. Loblaw’s drug retail performance continued to drive overall margin expansion, as sales benefited from growth in higher margin front store categories. Loblaw’s positive trend in food retail continued with its conventional stores performing well relative to peers and sales growth in its discount banners, heightened by the strength of No Frills® and Maxi® hard-discount stores and Loblaw’s value focused control brand no name®. In the quarter, Loblaw continued to pursue its strategic growth agenda by completing the acquisition of Lifemark Health Group (“Lifemark”) and announcing PC Express Rapid Delivery, furthering Loblaw’s purpose to help Canadians Live Life Well.
Choice Properties Real Estate Investment Trust (“Choice Properties”) delivered solid operating results in the second quarter with improved occupancy across its portfolio and advancements in its development initiatives. With a focus on its long-term strategy, Choice Properties continued to execute on its mixed-use and industrial development projects and completed seven property transactions totaling $228 million. Subsequent to the end of the second quarter of 2022, Choice Properties successfully issued $500 million of 10-year term unsecured debentures and redeemed $300 million of debentures coming due, reinforcing its strong and flexible capital structure.
Leave a Reply
You must be logged in to post a comment.