TORONTO – George Weston Ltd, Canada's largest food processor and distributor, said on Friday its profit rose on strong operating performances, but the result fell short of expectations and its shares dropped.
Revenues climbed marginally as sales, particularly at its Weston Foods bakery business, fell on currency conversions as well as lower pricing and volumes.
The maker of Wonder bread and Girl Scout cookies was hit again by unrealized foreign exchange losses from the company's U.S. dollar cash and short-term investments held by its foreign subsidiaries.
It also expressed caution for the second half of the year due to labor contract issues. Foreign exchange could continue to hold back earnings, it said.
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