Winn-Dixie Edges Wall Street Profit View
The Jacksonville, Fla.-based supermarket operator reported earnings of $7.3 million, or 13 cents a share, for the three months ended June 29. On a continuing operations basis, the company earned $5.6 million, or 10 cents a share, in the latest quarter. Net sales fell 3.8% in the June-ended period to $1.62 billion.
The average estimate of analysts polled by Thomson Reuters was for earnings of 9 cents a share in the quarter on sales of $1.61 billion.
"We were able to improve our financial performance in the second half of the year due to the talent and hard work of all of our team members," said Peter Lynch, the company's chairman, CEO and president. "We enter fiscal 2012 as a stronger company and look forward to building on the momentum we have established this year as we continue to grow sales through initiatives and customer loyalty programs such as our fuelperks! Rewards program and transformational remodels."Winn-Dixie attributed its same-store increase to the ability to pass inflationary price increases along to its customers in select product categories, higher sales in remodeled stores, and favorable results from its online ordering operations. The stock finished Monday's regular session at $7.60, up almost 15%. Year-to-date, the shares have appreciated 6%. Wall Street was split ahead of the report with the breakdown of analyst coverage of the stock 3 hold ratings, 2 strong buys and 1 buy with a median 12-month price target of $10.50. For fiscal 2012, the company forecast adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $120 million to $135 million with same-store sales seen rising 2.5% to 3.5%. --Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: firstname.lastname@example.org
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV