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Weston Ltd reports $42M profit in Q1

George Weston Ltd, the food giant that owns Weston Foods, Loblaw, among other brands, today reported earnings for the first quarter of 2010.

The food giant reported total sales across al segments of $7,177-million, up marginally from $7,022-million in the same period last year.

Aggregate operating income was $274-million in Q1 ’10, compared to $101-million in Q1 ’09.

Net earnings fell sharply from Q1 2009 from $863-million ($6.61 per share) to $42-million ($0.25 per share) in the first quarter of 2010.

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Loblaw to acquire T&T Supermarket $225M

Canada’s largest food retailer, Loblaw Limited, has announced today that the company has finalized a $225 million acquisition of T&T Supermarket Inc.

Loblaws will pay $191 million in cash and the remainder of the $225 will come in Loblaw preferred shares.

The acquisition comes as Loblaws tries to diversify its business to offer more ethnic foods given slumping traditional sales.

T&T Supermarket Inc. generates about $500 million in annual total revenue and operates 17 stores in Canada and operates four distribution centers.

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