Business
George Weston Limited Reports a 51.4% Increase in Adjusted Operating Income(1) for the Second Quarter of 2014(2)
TORONTO , July 29, 2014 /CNW/ - George Weston Limited (TSX: WN) ("GWL" or the "Company")...
About this update from George Weston Limited
[{"type":"text","content":"\n\n\nTORONTO, July 29, 2014 /CNW/ - George Weston Limited (TSX: WN) (\"GWL\" or\n the \"Company\") today announced its consolidated unaudited results for\n the 12 weeks ended June 14, 2014. With the completion of Loblaw\n Companies Limited's (\"Loblaw\") acquisition of Shoppers Drug Mart\n Corporation (\"Shoppers Drug Mart\"), the Company's second quarter\n results include the results of Shoppers Drug Mart for the full quarter\n as well as the associated acquisition related accounting adjustments.\n\n\nThe 2014 Second Quarter Report to Shareholders of GWL, including the\n Company's unaudited interim period condensed consolidated financial\n statements and Management's Discussion and Analysis (\"MD&A\") for the\n 12 and 24 weeks ended June 14, 2014, is available in the Investor\n Centre section 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\n2014 Second Quarter Highlights\n\n\n\nSales growth of 36.0% to $10,598 million. Excluding Shoppers Drug Mart,\n sales increased by 2.5%.\n\n\nAdjusted operating income(1) increased by $200 million to $589 million. Excluding Shoppers Drug\n Mart, adjusted operating income(1) declined by 4.9%.\n\n\nAdjusted EBITDA(1) increased by $269 million to $864 million. Excluding Shoppers Drug\n Mart, Loblaw adjusted EBITDA(1) was flat while Weston Foods adjusted EBITDA(1) declined.\n\n\nAdjusted basic net earnings per common share(1) increased to $1.26 from $1.08.\n\n\nFree cash flow(1) was $808 million for the second quarter and $394 million year-to-date.\n\n\n\n\"The country's number-one grocery retailer and number-one pharmacy and\n beauty retailer were brought together in the second quarter through the\n successful completion of Loblaw's acquisition of Shoppers Drug Mart.\n The increased scale and competitive positioning of the Company within\n the Canadian market as well as the opportunities to realize significant\n synergies position us extremely well to meet both the changing needs of\n Canadian consumers and to create long term value for shareholders\",\n said W. Galen Weston, Executive Chairman, George Weston Limited.\n\n\n\n\n\nCONSOLIDATED RESULTS OF OPERATIONS \n\n\n\n\n \n\n\n\n\n(unaudited) \n\...