Printer Friendly

WINN-DIXIE REPORTS RECORD EARNINGS FOR THIRD QUARTER

 JACKSONVILLE, Fla., April 15 /PRNewswire/ -- Winn-Dixie (NYSE: WIN) reports record earnings for the third quarter of fiscal 1993. Net earnings for the 12 weeks ended March 31, 1993, were $57.2 million, or $0.75 per share, compared with $53.9 million, or $0.70 per share, an increase of 6.1 percent in dollars and 7.1 percent in earnings per share. For the 40 weeks ended March 31, 1993, net earnings from operations were $153.6 million or $2.01 per share, as compared with $134.4 million, or $1.75 per share in 1992, an increase of 14.3 percent in dollars and 14.9 percent in earnings per share.
 Sales for the 12 weeks ended March 31, 1993, were $2.5 billion, a $71.2 million increase, or 2.9 percent, over the comparable quarter ended April 1, 1992. For the 40 weeks ended March 31, 1993, sales were $8.1 billion, an increase of $214.8 million, or 2.7 percent over the previous year. Identical store sales increased 2.9 percent for the quarter and 2.8 percent year-to-date. Average store sales increased 5.6 percent for the quarter and 5.0 percent year-to-date.
 James Kufeldt, president stated: "The increase in average store sales for the quarter of 5.6 percent continued to improve which reflects our direction of larger store formats with expanded specialty departments. Our capital expenditure budget of $600 million for fiscal 1994, which includes operating lease obligations, demonstrates our commitment to this direction. Also, the continued reduction of operating and administrative expenses as a percent to sales will allow for the further reduction of our retail prices to our customers."
 During the first 40 weeks of fiscal 1993, the company opened 27 new stores, averaging 42,700 square feet, acquired 4 stores, averaging 45,900 square feet, enlarged or remodeled 49 stores and closed 55 stores, averaging 25,000 square feet. As of March 31, 1993, retail space totaled 39.0 million square feet, a 1.1 percent increase over the prior year. Currently, there are 21 new stores under construction. Winn-Dixie had 1,165 stores in operation on March 31, 1993, compared with 1,199 last year. The company plans to open 14 new stores and enlarge or remodel 40 stores during the fourth quarter.
 Monthly dividends of 11 cents per share, a 10.0 percent increase over the prior fiscal year rate, effective since July 1992, were declared by the board of directors on April 1, 1993, as follows:
 Month Record Date Payment Date
 April 04-15-93 05-03-93
 May 05-14-93 06-01-93
 June 06-15-93 07-01-93
 Winn-Dixie is the Sunbelt's largest food retailer.
 WINN DIXIE STORES, INC.
 Dollars in thousands except per share data
 For the 12 Weeks Ended
 March 31, 1993 April 1, 1992
 Amount pct. Amount pct.
 Sales $ 2,504,214 100.00 2,433,041 100.00
 Cost of sales 1,937,599 77.37 1,876,836 77.14
 Gross profit 566,615 22.63 556,205 22.86
 Operating &
 administrative expenses 499,299 19.94 493,155 20.27
 Operating income 67,316 2.69 63,050 2.59
 Cash discounts &
 other income 27,103 1.08 24,698 1.02
 Interest expense (6,421) (0.26) (6,070) (0.25)
 Earnings before income
 taxes 87,998 3.51 81,678 3.36
 Income taxes 30,799 1.23 27,770 1.14
 Net earnings $ 57,199 2.28 53,908 2.22
 Earnings per share $ 0.75 0.70
 Dividends per share $ 0.33 0.30
 Number of stores 1,165 1,199
 Fiscal Year-to-Date
 Dollars in thousands except per share data
 For the 40 Weeks Ended
 March 31, 1993 April 1, 1992
 Amount pct. Amount pct.
 Sales $ 8,141,015 100.00 7,926,210 100.00
 Cost of sales 6,316,828 77.59 6,153,446 77.63
 Gross profit 1,824,187 22.41 1,772,764 22.37
 Operating &
 administrative expenses 1,664,537 20.45 1,629,730 20.57
 Operating income 159,650 1.96 143,034 1.80
 Cash discounts &
 other income 99,624 1.22 80,708 1.02
 Interest expense (22,956) (0.28) (20,144) (0.25)
 Earnings before income
 taxes and cumulative
 effect of change in
 accounting principle 236,318 2.90 203,598 2.57
 Income taxes 82,711 1.01 69,223 0.87
 Earnings before cumulative
 effect of change in
 accounting principle 153,607 1.89 134,375 1.70
 Cumulative effect of change
 in accounting principle
 for income taxes --- --- (20,485) (0.26)
 Net earnings $ 153,607 1.89 113,890 1.44
 Earnings per share:
 Earnings before
 cumulative effect of
 change in accounting
 principle $ 2.01 1.75
 Cumulative effect of
 change in accounting
 principle for income
 taxes --- (0.27)
 Net earnings $ 2.01 1.48
 Dividends per share $ 0.99 0.90
 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 75,957 76,601
 Year-to-Date 76,436 76,866
 The following supplemental information is provided to facilitate comparisons with companies using the FIFO method.
 Third Quarter Year-to-Date
 (Dollars in thousands except per share data)
 FIFO Basis 1993 1992 1993 1992
 Inventories $ 1,247,904 1,161,042 1,247,904 1,161,042
 Net earnings from
 operations 58,909 56,440 159,372 145,462
 Earnings per share 0.77 0.74 2.09 1.89
 -0- 4/15/93
 /CONTACT: R. P. McCook, financial vice president of Winn-Dixie Stores, 904-783-5221/
 (WIN)


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

JB -- FL010 -- 6323 04/15/93 14:02 EDT
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:Apr 15, 1993
Words:954
Previous Article:FOUNDERS FINANCIAL CORP. REPORTS SIGNIFICANT FIRST-QUARTER PROGRESS
Next Article:ON ASSIGNMENT INC. REPORTS FIRST QUARTER RESULTS
Topics:


Related Articles
WINN-DIXIE REPORTS RECORD EARNINGS FOR THE SECOND QUARTER OF FISCAL 1992
WINN-DIXIE REPORTS SALES AND EARNINGS
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 THIRD QUARTER RESULTS
WINN-DIXIE REPORTS SALES AND EARNINGS
WINN-DIXIE REPORTS RECORD SALES FOR THE SECOND QUARTER OF FISCAL 1996
WINN-DIXIE REPORTS THIRD QUARTER RESULTS

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