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Winn-Dixie Stores Inc. on Wednesday announced the completion of its restructuring plan and results of operations for its fourth quarter and fiscal year ended June 27, 2001.
Excluding non-recurring charges, net earnings for the quarter were $48.3 million, or $0.34 per diluted share, compared to $20.5 million, or $0.14 per diluted share, for the same quarter last year. For the fiscal year, net earnings were $139.3 million, or $0.99 per
diluted share, compared to $75.2 million, or $0.52 per diluted share. Including non-recurring charges, net earnings for the quarter were $13.0 million, or $0.09 per diluted share, compared to net loss of
$(242.4) million, or $(1.70) per diluted share, for the same quarter last year. For the fiscal year, net earnings were $45.3 million, or $0.32 per diluted share, compared to net loss of $(228.9) million, or $(1.57) per diluted share, for the prior year. Non- recurring charges include restructuring expenses and interest on the company owned
life insurance (COLI) tax case.
Sales for the 12 weeks ended June 27, 2001, were $3.0 billion, a decrease of $70.1 million, or 2.3% compared with the same quarter last year. For the 52 weeks ended June 27, 2001, sales were $12.9 billion, a $794.2 million decrease, or 5.8% under the prior year. Identical store sales decreased 5.2% for the quarter and 4.4% for the year. Identical sales decreased largely because of the elimination of unprofitable sales departments (deli/cafes, melon bars, salad bars, dry cleaners, etc.), the elimination of unprofitable sales items in remaining departments, a reduction in the number of 24-hour stores and construction disruptions from numerous store modifications (retrofits).
Al Rowland, Winn-Dixie's President and CEO, stated: "We are pleased to announce the completion of our restructuring plan. I want to acknowledge our management team for all
their hard work over the past 18 months in completing this undertaking in a timely manner. We are achieving our expected gross profit percent and are continuing our expense reduction programs. Our focus continues to be training and working with our various teams of associates to achieve our goal of improved customer service."
For the 52 weeks ended June 27, 2001, Winn-Dixie opened 17 new stores and acquired 77 stores, averaging 38,500 square feet, closed 20 stores, averaging 34,800 square feet, enlarged 6 stores and remodeled 5 store locations. As of June 27, 2001, there were 1,153 stores in operation, compared to
1,079 last year. Of the 1,153 stores, 975 are larger than 35,000 square feet, with 806 being Marketplace stores.