Winn-Dixie returns to profitability in year

by FoodBusinessNews.net Staff
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JACKSONVILLE, FLA. — Winn-Dixie Stores, Inc. posted net income of $300,594,000 in the year ended June 27, up sharply from a loss of $361,301,000 during 2006.

Net sales for the year were $7,201,161,000, up 1% compared with $7,133,048,000 during the previous year.

"The 2007 fiscal year marked an important turning point for Winn-Dixie not only because the company emerged from Chapter 11 last fall, but also because we made significant progress in the initial stage of a multi-year turnaround plan," said Peter Lynch, chairman, president and chief executive officer. "We built a strong foundation to support the implementation of our five key initiatives: rebuilding trust in our brand, investing capital in our stores, merchandising for the neighborhood, training and developing our associates, and achieving profitable sales."

For the quarter ended June 27, the company posted net income of $20,585,000, equal to 38c per share on the common stock, which compared with a loss of $17,233,000 during the same quarter of 2006.

Net sales for the quarter were $1,676,462,000, up 2% compared with $1,651,312,000 during the same quarter of 2006.

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