03/03/2016 08:47 EST | Updated 03/04/2017 00:12 EST

George Weston posts $138-million profit for Q4; feels impact of shorter quarter

TORONTO — George Weston Ltd. (TSX:WN) earned $138 million in the fourth quarter, or $1.08 per share — down from a year ago because of an extra week in its 2014 financial year.

The parent company of Loblaw (TSX:L) and Weston Foods says the profit slipped from $151 million or $1.18 per share in the fourth quarter of 2014.

However, excluding the extra week in the year ago quarter, the company said it earned $122 million or 95 cents per share.

Sales for the quarter ended Dec. 31, totalled $11.25 billion in 2015 and $11.73 billion in 2014 over 13 weeks or $10.92 billion over 12 weeks.

Most of the revenue comes from the company's investment in Loblaw, Canada's largest grocery and pharmacy retailer, which reported its results separately last week.

The Weston Foods bakery business earned $527 million in revenue in the fourth quarter, compared with $469 million in 2014 over 13 weeks or $438 million over 12 weeks.

Excluding the impact of foreign currency and the extra week, the company said Weston Food sales increased by 10 per cent, primarily due to higher pricing, a different mix of products and an increase in volumes.

The Canadian Press