George Weston Ltd. reports that it has lost $208 million, or $1.71 per share, in its second quarter this year after Loblaws Companies Ltd. took over Shoppers Drug Mart. At the same time last year, the company reported a profit of $97 million, or an increase of 68 cents per share.
Total sales for the company were listed at $10.59 billion, as compared to $7.52 billion year-over-year. That amount includes Shoppers Drug Mart’s results for the full quarter and includes accounting adjustments. George Weston says its adjusted earnings were $1.26 per share. Loblaw’s total sales rose by 37.1 per cent to $10.3 billion, which includes Shoppers Drug Mart’s sales of $2.6 billion.
