US-based grocery retailer Winn-Dixie has announced that it slumped to a loss of US$8.1m during the first quarter (Q1) of the fiscal year, on the back of falling sales.
Year-on-year group sales dropped 2 per cent from US$1.68bn to US$1.64bn, the company revealed, the result of non-recurring storm-related sales and six store closures compared with the previous year.
Identical store sales fell 1.5 per cent through the quarter, with earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at 22.8m compared with US$27m last year.
'The economic climate continued to impede our growth during the quarter and caused our EBITDA to fall below last year's levels,' said group chairman, CEO and president Peter Lynch. 'Identical store sales declined due to the absence of store-related sales that we experienced last year and a shift by consumers towards generic pharmaceuticals.'
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