Winn-Dixie Cuts 4Q Estimates, Cites Softness in Sales
JACKSONVILLE, Fla. - Winn-Dixie Stores Inc. has lowered estimates for its fiscal fourth quarter because of continued softness in sales, Dow Jones Newswires reports.
The Jacksonville, Fla.-based chain now expects a same-store sales decline between 3 percent and 4 percent and earnings of 28 cents to 31 cents a share, excluding items, for its fourth quarter ending June 25.
In April, Winn-Dixie said it expected fourth-quarter earnings between 35 cents and 39 cents a share.
Winn-Dixie reported income from continuing operations of $52.8 million, or 37 cents a share, on sales of $2.86 billion for its year-ago fourth quarter ended June 26, 2002.
The company said Wednesday it plans to record fourth-quarter severance charge of $5 million related to the retiring of president and chief executive Al Rowland.
Winn-Dixie will pay Rowland about $7.7 million, consisting of $6.1 million cash, and the rest in stock and options, in accordance with his employment contract, according to the report.
The Jacksonville, Fla.-based chain now expects a same-store sales decline between 3 percent and 4 percent and earnings of 28 cents to 31 cents a share, excluding items, for its fourth quarter ending June 25.
In April, Winn-Dixie said it expected fourth-quarter earnings between 35 cents and 39 cents a share.
Winn-Dixie reported income from continuing operations of $52.8 million, or 37 cents a share, on sales of $2.86 billion for its year-ago fourth quarter ended June 26, 2002.
The company said Wednesday it plans to record fourth-quarter severance charge of $5 million related to the retiring of president and chief executive Al Rowland.
Winn-Dixie will pay Rowland about $7.7 million, consisting of $6.1 million cash, and the rest in stock and options, in accordance with his employment contract, according to the report.
