Winn-Dixie Posts Loss Post-Bankruptcy
Jacksonville, Fla., Winn-Dixie Stores Inc. said Tuesday it recorded a loss of almost $10 million in the eight weeks since it emerged from bankruptcy. The company said it posted a loss of $9.9 million after emerging from bankruptcy protection on Nov. 21. In the 8 weeks before the company ended its bankruptcy protection, it earned a profit of $296.7 million.
For the full quarter, Winn-Dixie said its profit rose 21% to $286.8 million from $237.5 million in the prior year’s quarter.
The company said its results for the full quarter were boosted by a gain of $188.2 million for the discharge of liabilities associated with the company’s exit from Chapter 11 and a $144.8 million gain related to the revaluation of assets and liabilities.
Sales rose 9% to $1.16 billion from $1.07 billion in the second quarter of 2006. The company said comp-store sales fell 0.5% in the quarter because of difficult comparisons with the prior year in areas affected by Hurricanes Katrina and Wilma.
Last year, many residents were offered government and private assistance and more competitor stores are now open in that area, Winn-Dixie said.
Wild Oats Makes Corporate Citizen List
Boulder, Colo., Natural and organic foods retailer Wild Oats Markets has been included in the Corporate Responsibility Officer magazine’s annual “100 Best Corporate Citizens” list for 2007, the company announced Thursday.
Wild Oats is ranked No. 59, out of the 1,100 U.S. public companies surveyed by the magazine. This is the fourth year that Wild Oats has made the list, which began in 1999.
Rankings are based on quantitative measures of corporate service.
CVS Delays Shareholder Meeting for Caremark Vote
Woonsocket, R.I., CVS Corp. announced late Tuesday that it would postpone its Feb. 23 shareholder meeting to an as-yet undetermined later date. The decision was made after the announced delay of Caremark Rx’s Feb. 20 shareholder meeting.
The delays are to allow further dissemination of information. “We look forward to completing our merger with Caremark in early March,” said Tom Ryan, chairman, president and CEO of CVS.