May 13, 2008
Worst part of multiyear restructuring over, says George Weston Ltd. chairman
“Whatever the best manufacturers and the lowest cost retailers can do”
- For George Weston Ltd. (TSX:WN), the worst part of its multiyear restructuring plan at Loblaw (TSX:L) is over and consumers can now look forward to improved service, chairman W. Galen Weston told the company's 80th annual meeting Tuesday.
"Over the last 12 months, customers have generally not seen the best of what we can do for them as a result of our challenging restructuring," Weston said, referring to Canada's largest grocery retailer. "The worst of this is now behind of us."
Loblaw's first-quarter earnings, announced April 30, amounted to $62 million or 23 cents per share, up from $54 million or 20 cents in the first quarter last year as sales increased to $6.5 billion from $6.35 billion in the year-ago period. Read more
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