George Weston Q4 Sales Decline By 6.4%
George Weston has reported sales of $7.54bn for the fourth quarter ended December 31, 2009, a decrease of 6.4% compared to $8.05bn for the same period previous year.
Net earnings for the quarter were $82m compared to $405m for the previous year quarter. Operating income for the quarter was $287m compared to $348m for the corresponding quarter prior year.
Basic net earnings per common share for the fourth quarter of 2009 and on a year to date basis were $0.56 and $7.68, respectively, compared to $3.06 and $6.10 for the same periods in 2008.
For the full year 2009, sales were $31.82bn, a decrease of 0.8% compared to $32bn for the prior year. Net earnings for the full year 2009 increased by 24.1% to $1.04bn from $834m for a year ago.
Basic net earnings per common share for the fourth quarter of 2009 and on a year to date basis were $0.56 and $7.68, respectively, compared to $3.06 and $6.10 for the same periods in 2008.
Galen Weston, chairman and president of the company, said: I am pleased with another quarter of strong operating performance at Weston Foods and the progress being made at Loblaw. As Loblaw noted in its Q4 release, as we enter 2010 Loblaw continues to expect sales and margins to be challenged by deflation and increased competitive intensity.
“Loblaw plans to step up its investment in information technology and supply chain which will negatively impact operating income in 2010. Weston Foods in 2010 will continue focusing on cost reduction initiatives and improving top line sales performance. We continue to assess our strategic options for the re-deployment of the Company's substantial cash and short term investments.
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