A struggling supermarket giant is reporting a second-quarter loss amid fierce competition from Wal-Mart and other grocery chains. Winn Dixie's stock tumbled 27 percent.
For the three months ending January 12th the company lost almost $400 million compared with a loss of just under $80 million for the same quarter last year.
Winn-Dixie shares fell 93 cents in trading this morning on the New York Stock Exchange. The stock has traded in a 52-week range of almost $3 to almost $8.
Chairman and CEO Peter Lynch says it was a tough quarter for them. He notes competition is intensifying and holiday sales were below anticipated levels. Lynch adds that they intend to address the decline "swiftly."
The Jacksonville, Florida, based grocery chain has nearly 1,200 stores across the Southeast, including Alabama.