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Winn-Dixie Posts Second Straight Profitable Period after Shutting Down 114 Weak Stores

ORLANDO-Florida's second largest grocery chain flicked the lights on 6.84 million sf of retail space and eliminated 11,000 jobs after losing $229 million in fiscal 2000.

By Alex Finkelstein | Updated on February 01, 2001

ORLANDO-Shutting down 114 underperforming stores and closing the lights on 6.84 million sf of retail space are bringing Winn-Dixie Stores Inc. the bottom-line results it needs for shareholders and its own survival. For the first time in years, Florida’s second-largest grocer is reporting back-to-back profitable quarters.

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.

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