- Winn-Dixie posted a second quarter loss of $79.5 million, compared with a profit of $91.4 million during the same period a year earlier. Sales for the quarter fell six percent to $3.56 billion.
The company announced that it is indefinitely suspending its dividends, and will cut $100 million in costs by July 1 and will scrutinize each of its markets to determine which deserve further investment and which should be closed or sold. "This company needs to change," said Winn-Dixie CEO Frank Lazaran during a conference call with analysts.
- KC's View:
The question is whether it is a little late to confront the "need to change" issue.