Winn-Dixie Stores reports 1Q loss
JACKSONVILLE, Fla. Winn-Dixie Stores reported that net sales in the first quarter were $1.5 billion, a decrease of $36.6 million, compared with the same period in the prior fiscal year. The decline in net sales was due to a 2.8% decrease in identical-store sales, partially offset by sales from two new stores that opened in fiscal 2010, the company reported.
Peter Lynch, chairman, CEO and president, said, “Our sales were in line with our expectations, as we were able to generate a 220 basis point sequential improvement in identical store sales through strategic adjustments to promotional activity in select categories and new sales initiatives. We are continuing to implement our initiatives to improve sales trends further, while ensuring a strategic and measured approach to our promotional activity.”
The company reported a net loss of $76.8 million, or $1.39 per diluted share, compared with a net loss of $8.1 million, or 15 cents per diluted share for the same period last year.