07:40 AM EDT, 05/07/2024 (MT Newswires) -- George Weston (WN.TO) reported first quarter earnings fell 45% even as revenue rose slightly. The company also declared a 15% dividend hike to $0.82 a share.

The grocery and financial services company reported profit fell to $236 million, or $1.75 per diluted share from $426 million, or $3.01 per diluted share, last year.

Revenue rose 4.6% to $13.75 billion from last year's $13.1 billion, missing a Capital IQ consensus forecast of $13.67 billion. The increase was driven by higher retail sales and financial services revenue, George Weston said.

Adjusted profit was $312 million, or $2.30 per adjusted diluted share, compared with $282 million, or $1.99 per share last year. The profit missed the consensus analyst estimate of $2.52, according to Capital IQ.