Winn-Dixie Stores, Inc. (WINN) Reports Strong First Quarter Results; CEO Comments on Strategic Initiatives
Source: http://Blog.QualityStocks.net/?p=13201Posted on Thursday, October 30th, 2008 | In Small & Micro Cap
Winn-Dixie Stores, Inc. (NASD: WINN), one of the nation’s largest food retailers that currently operates 521 retail grocery locations, including more than 400 in-store pharmacies in Florida, Alabama, Louisiana, Georgia, and Mississippi, recently announced the company’s financial results from its first fiscal quarter of 2009 ended September 17, 2008. Net sales in the first quarter totaled $1.7 billion, a gain of $55.0 million, or 3.4 percent, compared to the prior-year period.
The company’s shares traded higher earlier this week after the announcement of the financial results. Winn-Dixie reported increased sales as a result of Hurricanes Gustav and Ike and Tropical Storm Fay, benefiting from pre-storm purchases and the company’s ability to reopen stores before competitors. Management is maintaining its previously issued guidance that full fiscal year 2009 adjusted EBITDA will range between $110 million and $125 million.
Chairman, chief executive officer and president, Peter Lynch, commented, “This was an excellent quarter for us, and we are on track to meet the guidance that we have provided for the full year. Our 38 percent improvement in first quarter adjusted EBITDA was driven by higher sales and higher gross margin rates. This was driven by an increase in basket size of 5.7 percent and offset by a decline in transaction count of 2.5 percent.†He added, “In the first quarter, we improved our penetration to 22 percent, which is an improvement of 150 basis points from the prior year. We are on track with our plan to have all of our private label products, about 3,000 items, with redesigned packaging by the end of calendar 2009.â€
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