George Weston Ltd. (WN) has reported that its second-quarter net income, or profit, increased 15% to $377 million as sales at its Loblaw grocery store chain exceeded $10 billion.
The Toronto-based holding company said its net income in Q2 was up from $328 million reported a year earlier, driven by sales of $10.34 billion at its more than 2,400 Loblaw locations across Canada.
Earnings per share came in at $2.68, up from $2.23 per share a year earlier.
Total revenue for the company in Q2 was $13.88 billion, up 7% from $12.97 billion a year ago.
George Weston said in its earnings statement that its Q2 results were lifted higher by increased sales at its Loblaw stores.
The company has come under fire over rising grocery prices at its Loblaw chain, which have outpaced the annual rate of inflation in Canada for more than a year now.
In an appearance before Parliament earlier this year, company CEO Galen Weston Jr. denied allegations that grocery prices are elevated due to collusion and price gouging.
George Weston’s stock is flat (up 0.53%) over the last year and trading at $151.38 per share.
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