The 70-year-old, Jacksonville, FL-based firm, which has a large metro Orlando presence, reported a second-quarter profit of $12.2 million or nine cents a diluted share. First-quarter profit was $9.4 million or seven cents a share. The 70-year-old company lost $229 million in fiscal 2000 that ended June 28.
The grocer is predicting earnings of 95 cents to $1.05 per share in fiscal 2001, and $1.60 to $1.75 per share in fiscal 2002. First Call/Thomson Financial analysts are only projecting earnings of 81 cents for 2001 and 91 cents for 2002.
On Wall Street, Winn-Dixie's shares are up 10.8% to $19.88 per share, outpacing its 52-week low of $13.44 per share on the New York Stock Exchange.
Besides shedding its weakest real estate assets, the chain asked 10 high-paying vice presidents to retire. They had served the company since the 1950s. The company also eliminated three divisions, centralized its buying and marketing operations, and shook up its management. Al Rowland, brought in as president/CEO from Utah-based Smith Food & Drug Inc., is credited for Winn-Dixie's turnaround, according to the company's prepared statement.
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