George Weston Ltd. says a recent settlement it reached in the bread price-fixing class actions it faced had a $253 million impact on its second-quarter net earnings.
The company, which holds a majority interest in grocer Loblaw Cos. Ltd., says its net earnings amounted to $667 million in the period ended June 15. That compared with net earnings of $782 million a year earlier.
Its net earnings attributable to shareholders totalled $410 million compared with $508 million a year before.
Revenue for the quarter amounted to about $14 billion, up from $13.8 billion a year prior.
The bulk of that revenue, more than $13 billion, came from Loblaw, which George Weston says saw an increase in retail sales recently. Its Choice Properties Real Estate Investment Trust also saw a jump in revenue because of higher rental rates and the completion of acquisitions and developments.
The bread-fixing class-action cases alleged defendants including George Weston and Loblaw conspired to fix the price of packaged bread in Canada. Loblaw agreed to a $252.5 million settlement.
This report by The Canadian Press was first published July 30, 2024.
The federal government will be further limiting the number of international students permitted to enter Canada next year. It’s the government’s latest immigration-related measure to address Canadians' ongoing housing and affordability concerns.
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