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NEWS RELEASE WESTON GEORGE WESTON LIMITED George Weston Limited Reports Third Quarter 2021 Results ( 2 ) Toronto , Ontario November 23 , 2021 George Weston Limited ( TSX : WN ) ( " GWL " or the " Company " ) today announced its consolidated unaudited results for the 16 weeks ended October 9 , 2021 . GWL's 2021 Third Quarter Report has been filed on SEDAR and is available at sedar.com and in the Investor Centre section of the Company's website at weston.ca . " George Weston's third quarter results reflect the strength of its underlying operating businesses . Loblaw's focus on core retail execution and an enthusiastic consumer response drove another quarter of strong financial results , while Choice Properties ' results were stable and reflect its resilient necessity - based portfolio , " said Galen G. Weston , Chairman and Chief Executive Officer , George Weston Limited . " With the recently announced agreements to sell Weston Foods , George Weston will continue to focus on its market - leading Retail and Real Estate businesses . The Company is pleased that the proud legacy of the bakery business is well - positioned to continue into the future with two high - quality buyers . " Loblaw Companies Limited ( " Loblaw " ) delivered another quarter of positive financial results . Loblaw experienced strong demand in stores and online , as economies re - opened and eat - at - home trends remained elevated . Seasonal shopping for back - to - school and Thanksgiving was robust . In Loblaw's pharmacy business , beauty sales climbed with gradual return to social and work activities while drug sales grew , supported by demand for pharmacy services . Loblaw maintained its focus on delivering service and value where consumers and their families need it most . Choice Properties Real Estate Investment Trust ( " Choice Properties " ) delivered strong financial and operational results in the third quarter of 2021. Contractual rent collections remained high at 99 % , reflecting Choice Properties ' necessity - based portfolio . During the quarter , Choice Properties continued to advance its long - term pipeline of mixed - use development , submitting zoning applications for two additional projects . To date , Choice Properties has approximately 10 million square feet of potential density submitted for zoning approval . Choice Properties ' balance sheet is strong , and the business is well positioned to execute on its pipeline of compelling development opportunities . As at the end of the third quarter of 2021 , the Company's interest in Weston Foods is presented under Discontinued Operations . Unless otherwise indicated , all financial information in this News Release represents the results from Continuing Operations . 2021 THIRD QUARTER HIGHLIGHTS George Weston Limited's net earnings available to common shareholders of the Company from continuing operations were $ 238 million ( $ 1.58 per common share ) a decrease of $ 51 million ( $ 0.29 per common share ) compared to the same period in 2020. The decrease was due to the unfavourable year - over - year net impact of adjusting items totaling $ 73 million ( $ 0.50 per common share ) , which were primarily comprised of the unfavourable year - over - year impact of the fair value adjustment of the Trust Unit liability of $ 64 million ( $ 0.43 per common share ) as a result of the increase of Choice Properties ' unit price in the quarter , partially offset by an improvement of $ 22 million ( $ 0.21 per common share ) in the Company's consolidated underlying operating performance . Adjusted net earnings available to common shareholders of the Company " ) from continuing operations in the third quarter of 2021 were $ 365 million ( $ 2.43 per common share ) . Compared to the same period in 2020 , this represented an increase of $ 22 million ( $ 0.21 per common share ) , or 6.4 % , primarily due to the improvement in the underlying operating performance of Loblaw . The increase in adjusted diluted net earnings per common share from continuing operations of $ 0.21 , or 9.5 % , was due to the improvement in adjusted net earnings available to common shareholders of the Company ( ¹ ) from continuing operations and the favourable impact of share repurchases .