Top-News
Dienstag,
23.11.2021 06:00
von
PR Newswire
| Aufrufe: 33
George Weston Limited Reports Third Quarter 2021 Results(2)
Zwei Frauen beim Shopping (Symbolbild).
© filadendron / E+ / Getty Images
Canada NewsWire
TORONTO, Nov. 23, 2021
TORONTO, Nov. 23, 2021 /CNW/ - George Weston Limited (TSX: WN) ("GWL" or the "Company") today announced its consolidated unaudited results for the 16 weeks ended October 9, 2021.
GWL's 2021 Third 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.
"George Weston's third quarter results reflect the strength of its underlying operating businesses. Loblaw's focus on core retail execution and an enthusiastic consumer response drove another quarter of strong financial results, while Choice Properties' results were stable and reflect its resilient necessity-based portfolio," said Galen G. Weston, Chairman and Chief Executive Officer, George Weston Limited. "With the recently announced agreements to sell Weston Foods, George Weston will continue to focus on its market-leading Retail and Real Estate businesses. The Company is pleased that the proud legacy of the bakery business is well-positioned to continue into the future with two high-quality buyers."
Loblaw Companies Limited ("Loblaw") delivered another quarter of positive financial results. Loblaw experienced strong demand in stores and online, as economies re-opened and eat-at-home trends remained elevated. Seasonal shopping for back-to-school and Thanksgiving was robust. In Loblaw's pharmacy business, beauty sales climbed with gradual return to social and work activities while drug sales grew, supported by demand for pharmacy services. Loblaw maintained its focus on delivering service and value where consumers and their families need it most.
Choice Properties Real Estate Investment Trust ("Choice Properties") delivered strong financial and operational results in the third quarter of 2021. Contractual rent collections remained high at 99%, reflecting Choice Properties' necessity-based portfolio. During the quarter, Choice Properties continued to advance its long-term pipeline of mixed-use development, submitting zoning applications for two additional projects. To date, Choice Properties has approximately 10 million square feet of potential density submitted for zoning approval. Choice Properties' balance sheet is strong, and the business is well positioned to execute on its pipeline of compelling development opportunities.
As at the end of the third quarter of 2021, the Company's interest in Weston Foods is presented under Discontinued Operations. Unless otherwise indicated, all financial information in this News Release represents the results from Continuing Operations.
2021 THIRD QUARTER HIGHLIGHTS
George Weston Limited's net earnings available to common shareholders of the Company from continuing operations were $238 million ($1.58 per common share) a decrease of $51 million ($0.29 per common share) compared to the same period in 2020. The decrease was due to the unfavourable year-over-year net impact of adjusting items totaling $73 million ($0.50 per common share), which were primarily comprised of the unfavourable year-over-year impact of the fair value adjustment of the Trust Unit liability of $64 million ($0.43 per common share) as a result of the increase of Choice Properties' unit price in the quarter, partially offset by an improvement of $22 million ($0.21 per common share) in the Company's consolidated underlying operating performance.
Adjusted net earnings available to common shareholders of the Company(1) from continuing operations in the third quarter of 2021 were $365 million ($2.43 per common share). Compared to the same period in 2020, this represented an increase of $22 million ($0.21 per common share), or 6.4%, primarily due to the improvement in the underlying operating performance of Loblaw. The increase in adjusted diluted net earnings per common share(1) from continuing operations of $0.21, or 9.5%, was due to the improvement in adjusted net earnings available to common shareholders of the Company(1) from continuing operations and the favourable impact of share repurchases.
CONSOLIDATED RESULTS OF OPERATIONS
The Company's results reflect the impact of COVID-19 and the year-over-year impact of the fair value adjustment of the Trust Unit liability as a result of the significant changes in Choice Properties' unit price, recorded in net interest expense and other financing charges. The Company's results are impacted by market price fluctuations of Choice Properties' Trust Units on the basis that the Trust Units held by unitholders, other than the Company, are redeemable for cash at the option of the holder and are presented as a liability on the Company's consolidated balance sheet. The Company's financial results are negatively impacted when the Trust Unit price rises and positively impacted when the Trust Unit price declines.
The Company's interest in Weston Foods is presented separately as Discontinued Operations in the Company's current and comparative results.
Unless otherwise indicated, all financial information represents the Company's results from Continuing Operations.
| (unaudited) ($ millions except where otherwise | 16 Weeks Ended | | | | 40 Weeks Ended | | | | ||||||
| Oct. 9, 2021 | Oct. 3, 2020(3,4) | $ Change | % Change | Oct. 9, 2021 | Oct 3, 2020(3,4) | $ Change | % Change | |||||||
| Revenue | $ | 16,192 | $ | 15,806 | $ | 386 | 2.4 % | $ | 40,846 | $ | 39,840 | $ | 1,006 | 2.5 % |
| Operating income | $ | 1,125 | $ | 964 | $ | 161 | 16.7 % | $ | 3,018 | $ | 2,006 | $ | 1,012 | 50.4 % |
| Adjusted EBITDA(1) | $ | 1,780 | $ | 1,644 | $ | 136 | 8.3 % | $ | 4,542 | $ | 3,960 | $ | 582 | 14.7 % |
| Adjusted EBITDA margin(1) | 11.0 % | | 10.4 % | | | | | 11.1 % | | 9.9 % | | | | |
| Net earnings attributable to | $ | 252 | $ | 303 | $ | (51) | (16.8)% | $ | 325 | $ | 683 | $ | (358) | (52.4)% |
| Net earnings available to | $ | 124 | $ | 303 | $ | (179) | (59.1)% Werbung Mehr Nachrichten zur USEC INC 2010 Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | |||||||
