Image source: © Ylivdesign | Megapixl.com

Highlights

  • George Weston is a Canadian public company functioning through two segments - Loblaw Companies Limited and Choice Properties Real Estate Investment Trust.
  • WN reported a consolidated revenue of CAD 13,738 million in Q2 2023.
  • The company’s cash flows from operating activities jumped to CAD 1,324 million in Q2 2023. 

Canadian public company George Weston Ltd (TSX: WN) functions through two segments - Loblaw Companies Limited and Choice Properties Real Estate Investment Trust, with a workforce of more than 200,000 professionals.

The company reported a consolidated revenue of CAD 13,738 million in the second quarter of the year 2023,  an increase of 6.9% from CAD 12,979 million revenue reported in the previous corresponding period. Consequently, WN posted a growth of 25% in its operating income to CAD 1,099 million in Q2 2023, as compared to CAD 649 million in Q2 2022.

During the reporting period, there was a 6.7% year-on-year growth in food retail sales to CAD 13,471 million from CAD 12,623 million in the previous corresponding period. Also, George Weston’s cash flows from operating activities jumped to CAD 1,324 million in Q2 2023.

For the full fiscal year 2023, George Weston is expecting its adjusted net earnings from continuing operations to witness a significant jump following improved performance of its operating segments. Going forth, the firm will make investments of about CAD 1.6 billion in Loblaw during the remainder FY23.                                               

Top 10 Shareholders
Around 66.7% of the total shareholding in the company is held by its top ten shareholders. While Weston (Willard Galen Garfield) owns maximum stake of approximately ­­­57.11% in the company, RBC Global Asset Management Inc. holds more than 2.6% of the total shareholding.

 Stock Price Performance
There has been a drop of about 1.63% in the company’s share price in the past one month. It has declined by nearly 10.7% in the last three months. The stock’s 52-week high and 52-week low price stand at CAD 183.92 and CAD 138.77, respectively.

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is August 18, 2023. The reference data in this report has been partly sourced from EODHD/Others.