TORONTO — Bakery and grocery company George Weston (TSX:WN) says jts net earnings fell 40 per cent in the fourth quarter, helping to pull full-year profits down amid restructuring and other charges aimed at shoring up its competitive position.
“Weston Foods delivered satisfactory operating results despite a challenging environment,” executive chairman W. Galen Weston said Thursday during a conference call with analysts.
“In 2012 the company continued to focus on long-term value creation for shareholders,” Weston said, noting incremental investments in the “customer proposition” and other improvements by grocery chain Loblaw (TSX:L).
Galen Weston directly and indirectly owns 63 per cent of George Weston which, in turn, is the majority shareholder of Loblaw and Weston Foods, the bakery division.
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