USA: Winn-Dixie reports Q2 sales and earnings
Winn-Dixie Stores, Inc. announced sales and results of operations for its second quarter of fiscal 2002.
Sales for the 16 weeks ended January 9, 2002 were US$4.0bn, an increase of US$6.8m or 0.2% compared with the same quarter last year. For the 28 weeks ended January 9, 2002, sales were US$6.9bn, an increase of US$20.0m or 0.3% compared with the prior year. Identical store sales decreased 4.5% for the quarter and 4.9% for the year. Comparable store sales, which include replacement stores, decreased 4.3% for the quarter and 4.6% for the year. Identical and comparable sales decreased in part due to the elimination of unprofitable sales departments and unprofitable sales items in remaining departments as part of the company's restructuring plan.
Earnings for the 16 weeks ended January 9, 2002 were US$42.1m, an increase of US$29.9m or 246.0% when compared with the same quarter last year. Excluding previous year non-recurring items, earnings for the quarter increased US$5.9m or 16.2% over the same quarter last year. For the year, earnings were US$64.5m, an increase of US$42.9m or 198.9% when compared to the same period last year. Excluding previous year to date non-recurring items, earnings for the year increased US$12.5m or 24.1% over last year. The LIFO charge reduced net earnings by US$2.5m, or US$0.02 per diluted share for both the current quarter this year and the same quarter last year. For the year, the LIFO charge reduced net earnings by US$4.3m, or US$0.03 per diluted share for both the current and previous year.
Al Rowland, Winn-Dixie's president and chief executive officer, stated: "Our action plans are beginning to show results. Net earnings for the quarter were in line with management's expectations, which allowed us to declare and pay a US$0.05 per share quarterly cash dividend. We also are pleased to have prepaid, yesterday, US$150.0m of our US$398.5m in bank notes. Our strategy continues to be to drive the top-line growth through fresh product with great people at a good value."
For the 28 weeks ended 9 January, 2002, the company opened two new stores and closed five existing stores. A total of 1,150 locations were in operation on 9 January, 2002, compared to 1,089 on 10 January, 2001. As of 9 January, 2002, retail space totaled 51.0 million square feet, a 4.5% increase from the prior year. The company has three new stores under construction.
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