Printer Friendly

WINN-DIXIE REPORTS EARNINGS FOR THE SECOND QUARTER OF FISCAL 1993

 JACKSONVILLE, Fla., Jan. 21 /PRNewswire/ -- Winn-Dixie (NYSE: WIN) reports net earnings of $63.0 million, or $0.82 per share for the 16 week second quarter compared to $53.8 million, or $0.70 per share, an increase of 17.1 percent. For the 28 weeks ended Jan. 6, 1993, net earnings from operations were $96.4 million, or $1.26 per share compared to $80.5 million, or $1.05 per share, an increase of 19.8 percent in dollars and 20.0 percent in earnings per share.
 Sales for the quarter ended Jan. 6, 1993, increased 2.7 percent to $3.2 billion, an $85.4 million increase over the comparable quarter ended Jan. 8, 1992. For the 28 weeks ended Jan. 6, 1993, sales were $5.6 billion, a $143.6 million increase, or 2.6 percent over the prior year. The increase in identical store sales for both the second quarter and year-to-date was 2.7 percent. Average store sales increased 5.2 percent for the quarter and 4.8 percent year-to-date.
 James Kufeldt, president, stated: "We are encouraged by the 5.2 percent increase in average store sales that is the result of our associates' continued
dedication to taking care of our customers' needs. We are also focusing on our large store format. In February


1993, we plan to open our new prototype store in Central Florida. We continue our commitment to aggressively develop new stores and to enlarge/remodel our existing store base."
 Ronald R. George, 48, division manager of the Louisville Division, was
elected a vice president of the company. George has been with the company for 26 years. Prior to becoming division manager, he was corporate director of produce merchandising.
 For the 28 week period, Winn-Dixie opened 21 new stores, averaging 41,700 square feet, closed 33 older stores averaging 24,700 square feet and remodeled or enlarged 34 store locations. As of Jan. 6, 1993, there are 1,177 stores in operation, compared with 1,203 last year. Of the 1,177 stores, 507 are larger than 35,000 square feet. Twenty-seven new stores are presently under construction.
 Winn-Dixie is the Sunbelt's largest food retailer.
 WINN DIXIE STORES, INC.
 Second Quarter
 Dollars in thousands except per share data
 For the 16 Weeks Ended
 Jan. 6, 1993 Jan. 8, 1992
 Amount Pct. Amount Pct.
 Sales $ 3,244,672 100.00 3,159,289 100.00
 Cost of sales 2,518,606 77.62 2,458,405 77.82
 Gross profit 726,066 22.38 700,884 22.18
 Operating & admin.
 expenses 663,992 20.47 644,869 20.41
 Operating income 62,074 1.91 56,015 1.77
 Cash discounts & other
 income 45,010 1.39 34,280 1.09
 Interest expense (10,113) (0.31) (8,760) (0.28)
 Earnings before
 income taxes 96,971 2.99 81,535 2.58
 Income taxes 33,940 1.05 27,722 0.88
 Net earnings $ 63,031 1.94 53,813 1.70
 Earnings per share $ 0.82 0.70
 Dividends per share $ 0.44 0.40
 Number of stores 1,177 1,203
 Fiscal Year-to-Date
 Dollars in thousands except per share data
 For the 28 Weeks Ended
 Jan. 6, 1993 Jan. 8, 1992
 Amount Pct. Amount Pct.
 Sales $ 5,636,801 100.00 5,493,169 100.00
 Cost of sales 4,379,229 77.69 4,276,610 77.85
 Gross profit 1,257,572 22.31 1,216,559 22.15
 Operating & admin.
 expense 1,165,238 20.67 1,136,575 20.69
 Operating income 92,334 1.64 79,984 1.46
 Cash discounts &
 other income 72,521 1.28 56,010 1.02
 Interest expense (16,535) (0.29) (14,074) (0.26)
 Earnings before income taxes and
 cumulative effect of change
 in accounting principle 148,320 2.63 121,920 2.22
 Income taxes 51,912 0.92 41,453 0.76
 Earnings before cumulative
 effect of change in
 accounting principle 96,408 1.71 80,467 1.46
 Cumulative effect of change
 in accounting principle
 for income taxes --- --- (20,485) (0.37)
 Net earnings $ 96,408 1.71 59,982 1.09
 Earnings per share:
 Earnings before cumulative
 effect of change in
 accounting principle $ 1.26 1.05
 Cumulative effect of
 change in accounting
 principle for income
 taxes --- (0.27)
 Net earnings $ 1.26 0.78
 Dividends per share $ 0.66 0.60
 Supplemental and Explanatory Information
 The following weighted average number of shares of common stock were used in the calculations for earnings per share.
 1993 1992
 (In thousands)
 Quarter 76,588 76,881
 Year-to-Date 76,641 76,980
 The following supplemental information is provided to facilitate comparisons with companies using the FIFO method.
 Second Quarter Year-to-Date
 (Dollars in thousands except per share data)
 FIFO Basis 1993 1992 1993 1992
 Inventories $ 1,248,836 1,160,405 1,248,836 1,160,405
 Net earnings from 65,376 58,629 100,463 89,021
 operations
 Earnings per share 0.85 0.76 1.31 1.16
 -0- 1/21/93
 /CONTACT: R. P. McCook, financial vice president of Winn-Dixie Stores, Inc., 904-783-5000/
 (WIN)


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

JB-AW -- FL017 -- 7509 01/21/93 14:41 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 21, 1993
Words:879
Previous Article:THIOKOL DECLARES SECOND QUARTER DIVIDEND
Next Article:SCEcorp DECLARES FOURTH QUARTER EARNINGS
Topics:


Related Articles
WINN-DIXIE REPORTS RECORD EARNINGS FOR THE SECOND QUARTER OF FISCAL 1992
WINN-DIXIE REPORTS SALES AND EARNINGS
WINN-DIXIE REPORTS EARNINGS UP 25.2 PERCENT FOR THE FIRST QUARTER OF FISCAL 1993
WINN-DIXIE REPORTS RECORD EARNINGS FOR THIRD QUARTER
WINN-DIXIE REPORTS SALES AND EARNINGS
WINN-DIXIE REPORTS EARNINGS PER SHARE UP 9.1 PERCENT FOR THE FIRST QUARTER OF FISCAL 1994
WINN-DIXIE REPORTS EARNINGS FOR THE SECOND QUARTER OF FISCAL 1994
WINN-DIXIE REPORTS THIRD QUARTER RESULTS
WINN-DIXIE REPORTS INCREASE IN EARNINGS FOR THE FIRST QUARTER OF FISCAL 1995
WINN-DIXIE REPORTS RECORD SALES FOR THE SECOND QUARTER OF FISCAL 1996

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters