Winn-Dixie rebounds in FY '07
JACKSONVILLE, Fla. Winn-Dixie Stores Inc. today reported net sales of $1.7 billion for the fourth quarter, an increase of $25.2 million, or 1.5%, as compared to the same period in the prior fiscal year. Identical-store sales from continuing operations increased 1.3% during the fourth quarter. Net income for the quarter was $20.6 million, as compared to a loss of $17.2 million in the fourth quarter last year.
Winn-Dixie Chairman, ceo, and president Peter Lynch said, "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. 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."
Net sales in fiscal 2007 were $7.2 billion, an increase of $68.1 million, or 1% as compared to fiscal 2006. Identical-store sales from continuing operations increased 1.6% for the fiscal year.
Net income in fiscal 2007 was $300.6 million compared to a loss of $361.3 million in the prior fiscal year. The results for the fiscal year were impacted significantly by non-cash items, the largest of which were a $188.2 million gain in connection with the discharge of liabilities associated with the company's exit from Chapter 11 and a $144.8 million gain related to the revaluation of assets and liabilities as part of fresh start reporting. The company emerged from Chapter 11 in November 2006.