George Weston sees better financial position, ‘strong’ balance sheet

By Devika Patel

Knoxville, Tenn., Nov. 20 – George Weston Ltd. reported a “strong” balance sheet and an improved financial position following the end of the last quarter.

“The company is now much better positioned for the future, with a simple structure, enhanced cash flow, strong balance sheet and, therefore, more optionality for growth,” president and chief financial officer Richard Dufresne said on the company’s third quarter ended Oct. 6 earnings conference call on Tuesday.

Adjusted EBITDA for the third quarter was $72 million, an $8 million decrease when compared to the same period in 2017.

George Weston is a Toronto-based holding company that operates food and drug retail businesses through subsidiaries that include Weston Foods (Canada) Inc. and Loblaw Companies Ltd.

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