Winn-Dixie turns fourth-quarter profit
JACKSONVILLE, Fla. Winn-Dixie has emerged from Chapter 11 bankruptcy to turn a profit in the fourth quarter and for fiscal 2007. The company earned $20.6 million in the fourth quarter after losing $17.2 million in the fourth quarter of the fiscal 2006.
The company also earned $300.6 million for the fiscal year as compared to losing $361.3 million in fiscal 2006. Peter Lynch, chief executive officer, said that the company has had such a turnaround because of a five part plan which included: rebuilding trust in the brand, investing in the store, merchandising for the neighborhood, training staff, and achieving profitable sales.
But the costs of remodeling, depreciation and amortization expenses as well other charges will put the company back in the red for fiscal 2008.