Winn-Dixie has released its results for the second quarter of fiscal 2010, with net income dropping to US$2.1m, or US$0.04 per diluted share, from US$16.1m, or US$0.30 per diluted share, in 2009.
According to the group, the decrease in net income was due primarily to a non-recurring gain on an insurance settlement of US$22.4m (US$13.8m of net tax, US$0.25 per diluted share) during fiscal 2009.
Net sales in the second quarter slumped 3.3 per cent, or US$74.5m, on a year-on-year basis to US$2.2bn, impacted negatively by around US$22m due to non-recurring storm-related sales and six store closures in 2009.
'The challenging economic environment and deflationary pressures continue to impact sales for the entire supermarket industry,' said group chairman, CEO and president Peter Lynch. 'Despite negative identical store sales, we are pleased with our overall operating execution during the quarter.'
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