The 75-year-old, Jacksonville, FL-based grocer is confident the red ink has been stanched on its balance sheet and feels its current management and store restructuring will prevent a repeat of the unprecedented first quarter's 57% profit drop.
That may take some doing. In the first half, the 1,079-store company lost $229 million. Winn-Dixie shares are down 75% from early 1998. The stock is trading at the $14 mark on the New York Stock Exchange.
Still, the firm is proceeding with its planned purchase of nine Orlando-area stores from privately-held Gooding's Supermarkets Inc. for an undisclosed price. The closing is set for Oct. 11. The nine properties total about 500,000 sf.
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