George Weston Ltd. has announced a boost in its quarterly dividend despite reporting a decrease in profit for the first quarter compared to the previous year. The company, known for its majority stake in Loblaw Cos. Ltd., revealed that its profit was impacted by one-time charges associated with its significant investment in Choice Properties Real Estate Investment Trust.
The newly declared quarterly dividend stands at 82 cents per share, marking an increase from the previous 71.3 cents per share. This move reflects the company's commitment to rewarding its shareholders even amidst challenges.
For the quarter ending March 23, George Weston reported a profit attributable to common shareholders of $236 million, equivalent to $1.73 per diluted share. This figure represents a decline from the same period last year, where the profit stood at $426 million, translating to $3.01 per diluted share.
Despite the decrease in profit, the company's revenue saw a modest rise, climbing to $13.74 billion from $13.13 billion year-over-year. When adjusted for certain factors, George Weston's earnings per diluted share improved to $2.30 compared to $1.99 in the corresponding quarter of the previous year.
The results indicate a mixed performance for George Weston Ltd., with the impact of one-time charges weighing on its bottom line. However, the decision to increase the dividend suggests confidence in the company's ability to navigate challenges and continue delivering value to its shareholders over the long term.
