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WINN-DIXIE REPORTS SALES AND EARNINGS

 WINN-DIXIE REPORTS SALES AND EARNINGS
 JACKSONVILLE, Fla., Aug. 17 /PRNewswire/ -- Winn-Dixie Stores,


Inc. (NYSE: WIN) today reports record sales of $10.3 billion and earnings of $195.9 million for its fiscal year ended June 24, 1992.
 Net earnings increased 14.6 percent for fiscal 1992, up from $170.9 million for fiscal 1991. Earnings per share amounted to $2.55 vs. $2.20 for 1991, a 15.9 percent increase. Earnings for the fourth quarter of fiscal 1992 amounted to $82.0 million, or $1.07 per share, compared to $49.5 million, or $0.64 per share for the fourth quarter of 1991.
 These year-to-date results were after a $20.5 million, or $0.27 per share, non-cash charge to earnings for the cumulative effect of the company adopting Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes", which will retroactively adjust the first quarter results of fiscal 1992.
 Sales for fiscal 1992 were $10.3 billion, compared to $10.1 billion for fiscal year 1991, up 2.6 percent. Store average sales increased 4.1 percent for the year, while identical store sales increased 1.8 percent. Fiscal 1992 was the 58th consecutive year of sales increases. Sales for the fourth quarter of 1992 were $2.4 billion, an increase of $91.0 million over the fourth quarter of 1991, up 3.9 percent. For the quarter, store average sales increased 5.5 percent, while identical store sales increased 3.4 percent.
 A. Dano Davis, chairman of the board of directors stated: "Winn-Dixie associates' dedication to customer service produced record sales and profits despite the difficult economy and increased competitive activity during fiscal 1992. Our fourth quarter identical store sales increase of 3.4 percent was especially gratifying as well as improving our pre-tax profit from operations by 26.6 percent for the year. Our direction continues to focus on driving down retail prices with improved service for our customers."
 Winn-Dixie paid monthly cash dividends of 10 cents per share, totaling $1.20 per share during fiscal 1992. Effective July 1992, monthly cash dividends were increased 10.0 percent to 11 cents per share, an annual rate of $1.32, which marks the company's 49th consecutive year of cash dividend increases.
 During the year, the company opened and acquired 35 new store locations averaging 41,000 square feet and closed 53 store locations averaging 23,300 square feet. An additional 65 stores were enlarged or remodeled. At the end of fiscal 1992, the company operated 1,189 store locations, compared with 1,207 in 1991.
 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
 For the 12 Weeks Ended
 June 24, 1992 June 26, 1991
 Amount Percent Amount Percent
 Sales $ 2,411,131 100.00 2,320,162 100.00
 Cost of sales 1,823,397 75.62 1,777,935 76.63
 Gross profit 587,734 24.38 542,227 23.37
 Operating & administrative
 expense 496,997 20.61 492,896 21.24
 Operating income 90,737 3.77 49,331 2.13
 Cash discounts & other income 38,682 1.60 31,811 1.37
 Interest expense (5,038) (0.21) (6,155) (0.27)
 Earnings before income taxes 124,381 5.16 74,987 3.23
 Income taxes 42,337 1.76 25,495 1.10
 Net earnings $ 82,044 3.40 49,492 2.13
 Net earnings per share $ 1.07 0.64
 Dividends per share $ 0.30 0.27
 Number of stores 1,189 1,207
 FISCAL YEAR-TO-DATE
 Dollars in thousands except per share data
 For the 52 Weeks Ended
 June 24, 1992 June 26, 1991
 Amount Percent Amount Percent
 Sales $ 10,337,34 100.00 10,074,33 100.00
 Cost of sales 7,976,843 77.16 7,813,703 77.56
 Gross profit 2,360,498 22.84 2,260,628 22.44
 Operating & administrative
 expense 2,126,727 20.57 2,092,461 20.77
 Operating income 233,771 2.27 168,167 1.67
 Cash discounts & other income 119,390 1.15 112,382 1.11
 Interest expense (25,182) (0.24) (21,563) (0.21)
 Earnings before income taxes
 and cumulative effect of
 change in accounting
 principle 327,979 3.18 258,986 2.57
 Income taxes 111,560 1.08 88,055 0.87
 Earnings before cumulative
 effect of change in
 accounting principle 216,419 2.10 170,931 1.70
 Cumulative effect of
 change in accounting
 principle for income
 taxes per FASB No. 109 20,485 0.20 - -
 Net earnings $ 195,934 1.90 170,931 1.70
 Earnings per share:
 Earnings before
 cumulative effect of
 change in accounting
 principle $ 2.82 2.20
 Cumulative effect of
 change in accounting
 principle for income
 taxes per FASB No. 109 (0.27) --
 Net earnings per share $ 2.55 2.20
 Dividends per share $ 1.20 1.08
 Supplemental and Explanatory Information
 The number of shares used in the calculation of earnings per share in 1992 and 1991 were 76,805,335 and 77,825,898, respectively, which is the weighted average number of shares of common stock outstanding during each year.
 At June 24, 1992 inventories valued by the LIFO method would have been $206,699,000 higher ($217,477,000 at June 26, 1991) 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 24, 1992, reported net earnings would have been $7,113,000 or $0.09 per share lower ($6,186,000 or $0.08 per share higher for fiscal year 1991).
 The fourth quarter results for 1992 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 1992 was approximately 2.3 percent while for the full year, the company experienced a deflation rate of approximately (0.6)percent. The fourth quarter net earnings for 1991 were affected by a change from a cumulative 3.8 percent used for the first three quarters to 1.1 percent for the full year.
 -0- 8/17/92
 /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


JJ-AW -- FL010 -- 0485 08/17/92 11:56 EDT
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