George Weston profit falls as Loblaw results weigh

Food producer and distributor George Weston Ltd (WN-T), majority owner of grocer Loblaw Cos Inc. (L-T), reported a 15-percent fall in second-quarter profit as higher costs dragged Loblaw profit.

Loblaw, Canada's biggest grocer, last week reported lower quarterly profit on sluggish sales growth and higher expenses.

George Weston's net income fell to $196 million, or 98 cents per share, from $230 million, or $1.08 per share, a year earlier.

On an adjusted basis, the company earned $1.06 per basic share, down from $1.34 per basic share, in the year-ago period.

Revenue rose to $7.63 billion from $7.53 billion, a year earlier.