US supermarket operator Winn-Dixie Stores has reported a fourth-quarter net loss, compared to a year-ago profit.
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The company posted a net loss of US$22.7m, or 16 cents per share, for the fourth quarter to 30 June, compared to net earnings of $62.5m, or 44 cents per share, for the same quarter of fiscal 2003.
Winn-Dixie said its net loss from continuing operations for the fourth quarter was US$2.1m, or 1 cent per share, compared to net earnings from continuing operations of $62.0m, or 44 cents per share, a year earlier.
Sales from continuing operations for the 13 weeks to 30 June were $2.6bn, an increase of 3.5% from the corresponding 12-week quarter last year. Identical store sales from continuing operations, which include enlargements and exclude stores that opened or closed during the period, decreased 4.4% for the fourth quarter. Comparable store sales for continuing operations, which include replacement stores, decreased 4.3% for the fourth quarter.
“Our net loss in the fourth quarter reflects the impact of restructuring and asset impairment charges related to our asset rationalisation plan and other strategic initiatives,” said Frank Lazaran, president and chief executive officer.
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By GlobalData“During the quarter, we made meaningful progress on our strategic initiatives, significantly enhanced our borrowing capacity and improved gross margins for the second consecutive quarter,” he added.
