Holding company George Weston Ltd. (WN) has raised its quarterly dividend 8% after reporting strong first-quarter earnings.
George Weston has controlling stakes in the Choice Properties real estate investment trust and Loblaw Companies, Canada's biggest supermarket chain. It also owns the grocery brands President's Choice, No Name and Joe Fresh.
The company announced that it will increase its quarterly dividend payment to stockholders to 71.3 cents per share from 66 cents per share previously.
The increased payment comes after George Weston reported a Q1 profit of $426 million or $3.01 per share, which was up from $363 million or $2.45 per share a year earlier.
Revenue for the quarter ended March 31 totalled $13.13 billion, up 6% from $12.41 billion in the year earlier quarter.
George Weston’s stock has gained 13% in the last 12 months to trade at $174.95 per share
