Winn-Dixie Stores Reports Q2 EPS of $(0.40) vs. $(0.28)

Winn-Dixie Stores, Inc. WINN, today reported its financial results for the second quarter of fiscal 2011, a 16-week period that ended on January 12, 2011. Net sales in the second quarter were $2.1 billion, which were essentially flat compared to the same period in the prior fiscal year. The Company reported a net loss of $24.0 million, or $0.43 per diluted share, compared to net income of $2.1 million or $0.04 per diluted share for the same period last year. This includes a net loss of $1.7 million, or $0.03 per diluted share for discontinued operations, as compared to a net loss from discontinued operations of $2.2 million or $0.04 per diluted share, in the second quarter of fiscal 2010. For continuing operations, the Company reported a net loss of $22.3 million or $0.40 per diluted share, which includes a deferred tax expense of $7.9 million or $0.14 per diluted share, to reflect an increase in the Company's valuation allowance on its deferred tax assets. Excluding this deferred tax expense, the Company's net loss from continuing operations would have been $14.4 million or $0.26 per diluted share.