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WINN-DIXIE REPORTS SALES AND EARNINGS

 JACKSONVILLE, Fla., Aug. 2 /PRNewswire/ -- Winn-Dixie Stores Inc. (NYSE: WIN) today reports record sales of $10.8 billion and earnings of $236.4 million for its fiscal year ended June 30, 1993. These record sales now make Winn-Dixie the fourth largest in United States supermarket sales.
 Net earnings from operations increased 9.2 percent for fiscal 1993, up from $216.4 million for fiscal 1992. Earnings per share amounted to $3.11 vs. $2.82 for 1992, a 10.3 percent increase. Net earnings for the fourth quarter of fiscal 1993 amounted to $82.8 million, or $1.10 per share, compared to $82.0 million, or $1.07 per share for the fourth quarter of 1992.
 Sales for fiscal 1993, a 53 week year, were $10.8 billion, compared to $10.3 billion for fiscal year 1992, a 52-week year, up 4.8 percent. Store average sales increased 5.3 percent for the year, while identical store sales increased 2.8 percent. Fiscal 1993 was the 59th consecutive year of sales increases. Sales for the 13 week fourth quarter of 1993 were $2.7 billion, an increase of $279.4 million over the 12 week fourth quarter of 1992, up 11.6 percent. For the quarter, store average sales increased 6.1 percent, while identical store sales increased 3.1 percent.
 A. Dano Davis, chairman of the board of directors stated: "The trend of increasing average store sales and identical store sales shows our programs continue to improve. Our focus for fiscal 1994 is sales growth with the continuation of offering the lowest possible retail prices, opening approximately 75 new locations and enlarging/remodeling 120 locations. We are especially pleased with the 24.4 percent return on equity achieved this year."
 Winn-Dixie paid monthly cash dividends of 11 cents per share, totaling $1.32 per share during fiscal 1993. Effective July 1993, monthly cash dividends were increased 9.1 percent to 12 cents per share, an annual rate of $1.44 per share, which marks the company's 50th consecutive year of cash dividend increases, a New York Stock Exchange record. The company and its associates were recognized for this achievement by the New York Stock Exchange on July 1, 1993, when A. Dano Davis, chairman, and James Kufeldt, president, rang the closing bell of the exchange on behalf of the company's founders and all current and former associates who achieved this milestone.
 During the year, the company opened and acquired 40 new store locations averaging 44,000 square feet and closed 78 store locations averaging 24,600 square feet. An additional 73 stores were enlarged or remodeled. At the end of fiscal 1993, the company operated 1,151 store locations, compared with 1,189 in 1992.
 Winn-Dixie, the Low Price Leader, is the Sunbelt's largest food retailer.
 WINN-DIXIE STORES, INC.
 Fourth Quarter
 Dollars in thousands except per share data
 13 Weeks Ended 12 Weeks Ended
 June 30, 1993 June 24, 1992
 Amount Percent Amount Percent
 Sales $ 2,690,520 100.00 2,411,131 100.00
 Cost of sales 2,068,584 76.88 1,823,397 75.62
 Gross profit 621,936 23.12 587,734 24.38
 Operating &
 administrative expenses 523,780 19.47 499,290 20.71
 Operating income 98,156 3.65 88,444 3.67
 Cash discounts &
 other income 32,774 1.22 38,682 1.60
 Interest expense (3,579) (0.13) (2,745) (0.11)
 Earnings before
 income taxes 127,351 4.74 124,381 5.16
 Income taxes 44,573 1.66 42,337 1.76
 Net earnings $ 82,778 3.08 82,044 3.40
 Earnings per share $ 1.10 --- 1.07 ---
 Dividends per share $ 0.33 --- 0.30 ---
 Number of stores 1,151 --- 1,189 ---
 Fiscal Year-to-Date
 Dollars in thousands except per share data
 53 Weeks Ended 52 Weeks Ended
 June 30, 1993 June 24, 1992
 Amount Percent Amount Percent
 Sales $ 10,831,535 100.00 10,337,341 100.00
 Cost of sales 8,385,412 77.42 7,976,843 77.16
 Gross profit 2,446,123 22.58 2,360,498 22.84
 Operating &
 administrative
 expenses 2,196,721 20.28 2,136,850 20.67
 Operating income 249,402 2.30 223,648 2.17
 Cash discounts &
 other income 132,398 1.22 119,390 1.15
 Interest expense (18,131) (0.16) (15,059) (0.14)
 Earnings before income
 taxes and cumulative
 effect of change in
 accounting principle 363,669 3.36 327,979 3.18
 Income taxes 127,284 1.18 111,560 1.08
 Earnings before cumulative
 effect of change in
 accounting principle 236,385 2.18 216,419 2.10
 Cumulative effect of change
 in accounting principle
 for income taxes --- --- (20,485) (0.20)
 Net earnings $ 236,385 2.18 195,934 1.90
 Earnings per share:
 Earnings before
 cumulative effect
 of change in accounting
 principal $ 3.11 --- 2.82 ---
 Cumulative effect of
 change in accounting
 principle for income
 taxes --- --- (0.27) ---
 Net earnings $ 3.11 --- 2.55 ---
 Dividends per share $ 1.32 --- 1.20 ---
 Supplemental and Explanatory Information
 The number of shares used in the calculation of earnings per share in 1993 and 1992 were 76,119,152 and 76,805,335, respectively, which is the weighted average number of shares of common stock outstanding during each year.
 At June 30, 1993, inventories valued by the LIFO method would have been $207,201,000 higher ($206,699,000 at June 24, 1992) if they were stated at the lower of FIFO cost or market. If the FIFO method of inventory valuation had been used for the year ended June 30, 1993, reported net earnings would have been $326,000 or $0.00 per share higher ($7,113,000 or $0.09 per share lower for fiscal year 1992).
 The fourth quarter results for 1993 were favorably affected by a year end adjustment to reflect actual experience compared to the estimate of inflation used in the calculation of the LIFO inventories and the determination of income in the first three quarters of the year. The estimated annual inflation rate used in the calculation of LIFO inventories for the first three quarters of 1993 was approximately 1.0 percent while for the full year, the company experienced a 0.1 percent inflation rate. The fourth quarter net earnings for 1992 were affected by a change from a cumulative 2.3 percent used for the first three quarters to a deflation rate of approximately (0.6) percent for the full year.
 -0- 8/2/93
 /CONTACT: R. P. McCook, financial vice president of Winn-Dixie Stores, Inc., 904-783-5221/
 (WIN)


CO: Winn-Dixie Stores, Inc. ST: Florida IN: REA SU: ERN

AW -- FL007 -- 8350 08/02/93 12:02 EDT
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Date:Aug 2, 1993
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