JACKSONVILLE, FL-Grocer Winn-Dixie is focusing on renovating its store base as it continues it turnaround after emerging from bankruptcy last year. The company has done 30 remodels of its 530-unit store base, and executives say that 18% of its units will be completed by the end of the year.
Management expects to have half of the stores done by the end of 2010. The renovations are “not just about new paint and polished floors,” explains Peter Lynch, the company's chairman and chief executive officer. The remodels are tailored for each specific market, with more tourist products in resort-themed areas, he says.
The renovated locations are experiencing a 12% sales lift, according to management.
During the fourth quarter, which ended June 27, same-store sales rose 1.3% from the same year-ago period. Net sales hit $1.7 billion, increasing 1.5%, while income from continuing operations was $49.6 million, up from a $19.9-million loss.
Executives predict that same-store sales will increase in the low single digits during the next fiscal year. For fiscal year 2007, same-store sales came in at 1.6% increase.
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