JACKSONVILLE, Fla. (AP) - Grocery-store chain Winn-Dixie, which emerged from Chapter 11 bankruptcy in November, said Tuesday it swung to a profit in the fiscal fourth quarter due to sales growth and cost-cutting measures.
Net income for the quarter ended June 27th totaled $20.6 million, or 38 cents per share, versus a loss of $17.2 million, or 12 cents per share, in the prior-year quarter.
Revenue rose nearly 2 percent to $1.68 billion from $1.65 billion last year.
Same-store sales grew 1.3 percent during the quarter. Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.
Winn-Dixie currently operates 521 stores in Florida, Alabama, Louisiana, Georgia and Mississippi. The company said it predicts fiscal 2008 same-store sales will see slight growth, and gross margin also is expected to improve.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
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