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Grocer's profit takes a dive

George Weston Ltd. says its second-quarter profit was down nearly 15 per cent from the same time last year and it expects the full-year 2012 results will be lower than in 2011, mainly due to costs at its Loblaw grocery division.

George Weston Ltd. says its second-quarter profit was down nearly 15 per cent from the same time last year and it expects the full-year 2012 results will be lower than in 2011, mainly due to costs at its Loblaw grocery division. The bakery and grocery company, which is the largest shareholder of Loblaw Cos., said its overall net income in the 12 weeks ended June 16 fell to $196 million, of which $137 million was attributable to common shareholders. That translates into 99 cents per common share, or $1.06 per share on an adjusted basis. There was a consensus estimate of 98 cents per share, based on three analysts.