George Weston Limited - 2012 First Quarter Results(1).

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 8, 2012 /CNW/ - George Weston Limited (TSX: WN) (\"GWL\") and\n its subsidiaries (collectively the \"Company\") today is announcing its\n unaudited results for the 12 weeks ended March 24, 2012.\n\n\nThe Company's Q1 2012 Quarterly Report to Shareholders, including the\n Company's unaudited interim period condensed consolidated financial\n statements and Management's Discussion and Analysis (\"MD&A\") for the 12\n weeks ended March 24, 2012, is available in the Investor Centre section\n of the Company's website at www.weston.ca and has been filed with the System for Electronic Document Analysis and\n Retrieval (\"SEDAR\") and will be available at www.sedar.com.\n\n\nCONSOLIDATED RESULTS OF OPERATIONSGeorge Weston Limited's first quarter 2012 adjusted basic net earnings\n per common share(2) were $0.89 compared to $1.07 in the same period in 2011, a decrease of\n $0.18. The decrease was primarily attributable to a decline in the\n operating performance of Loblaw Companies Limited (\"Loblaw\"), partially\n offset by a decline in the effective income tax rate. The decline in\n the operating performance of Loblaw was primarily due to increased\n transportation costs and higher input costs that were not entirely\n passed on to the consumer including the incremental investment related\n to Loblaw's customer proposition, a charge related to the transition of\n certain Ontario conventional stores to the more cost effective and\n efficient operating terms of collective agreements ratified in the\n third quarter of 2010 and incremental costs related to investments in\n information technology (\"IT\") and supply chain(3).\n\n(unaudited)\n\n\n                 \n\n\n \n\n\n($ millions except where otherwise indicated)\n\n\n          12 Weeks Ended\n\n\n \n\n\nAs at or for the periods ended as indicated  \n\n\n       Mar. 24, 2012\n\n\n      Mar. 26, 2011\n\n\n      Change\n\n\nSales      \n\n\n      $\n\n\n 7,224\n\n\n      $\n\n\n 7,148\n\n\n      1.1%\n\n\nOperating income   &#...

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