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Back in the black, Winn-Dixie issues results

Winn-Dixie Stores Inc announced financial results for the 16- and 28-week periods ended Jan 10, 2007, and the filing of its quarterly report on Form 10-Q with the Securities & Exchange Commission.

As of Jan 10, 2007, the Jacksonville FL-based supermarket chain had about $500 million of liquidity, a significant increase from the end of the prior fiscal quarter. The company had no borrowings under its revolving credit facility.

Identical store sales for the first half of the fiscal year 2007 rose 1.8% compared with the same period in fiscal 2006. Sales for the second quarter declined 0.5%.

Winn-Dixie has initiated a store capital program, with 40 store remodels currently underway. Of these, 15 to 22 should be completed by the end of the current fiscal year. The firm plans to remodel about 75 stores annually in the future.

“We are continuing to make progress in many areas of our business plan,” said Peter Lynch, company chairman, chief executive officer, and president. “Going forward, we remain committed to executing five key initiatives: rebuilding trust in our brand; investing capital in our stores; neighborhood marketing; associate training and development; and focusing on profitable sales.”

Winn-Dixie's plan of reorganization became effective and the company emerged from Chapter 11 bankruptcy protection Nov 21, 2006.

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