TORONTO – George Weston Ltd (WN.TO) reported a lower first-quarter profit on Tuesday compared with the same quarter a year earlier when it booked a big gain from the sale of its U.S. fresh bakery business.
Weston, North America's largest baked goods maker and owner of top Canadian supermarket chain Loblaw (L.TO), said it earned C$42 million ($40.9 million), or 25 Canadian cents a share for the period ended March 27, compared with C$863 million, or C$6.61 a share for the same time a year earlier.
The 2009 results included a C$921 million gain from the sale of the U.S. fresh bakery business to Grupo Bimbo (BIMBOA.MX), s well as foreign currency conversions.
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