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Winn-Dixie Stores, Inc. (NASDAQ:WINN)

F1Q09 Earnings Call

October 28, 2008 8:30 am ET

Executives

Sheila Reinken - Vice President of Finance and Treasurer

Peter Lynch - Chairman, CEO, and President

Bennett Nussbaum - Senior Vice President and Chief Financial Officer

Eric Harris - Director of Investor Relations

Analysts

Karen Short - Friedman Billings Ramsay

Karen Howland – Barclays Capital

Alex Bisson - FTN Midwest

Justin Neubauer – Banc of America Securities

Christopher Middleton – Atlantic Equities

Operator

(Operator Instructions) Welcome to the First Quarter 2009 Winn-Dixie Stores Earnings Conference Call. I would now like to turn the presentation over to your host for today’s call Ms. Sheila Reinken, Vice President of Finance and Treasurer.

Sheila Reinken

Thank you for joining us to discuss Winn-Dixie's financial results for the first quarter of fiscal 2009. I’m Sheila Reinken, Vice President of Finance and Treasurer. Joining me this morning are Peter Lynch, Chairman, CEO, and President, Bennett Nussbaum, Senior Vice President and Chief Financial Officer, and Eric Harris, Director of Investor Relations.

Before we let me remind you that the information presented and discussed today includes forward looking statements which are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties related to such statements are detailed in our SEC filings.

Today’s call will include a discussion of adjusted EBITDA which is a non-GAAP financial measure. A reconciliation of adjusted EBITDA to GAAP financial measures can be found on the back of the press release we issued this morning which is available on the investor relations section of our website www.WinnDixie.com. Today’s call is also being recorded and a transcript will be archived. A replay of the call will also be available on the investor relations section of our website later today.

Peter and Bennett will begin with some prepared remarks and afterward we will open up the call for your questions. Now it is my pleasure to turn the call over to Peter Lynch.

Peter Lynch

I’m pleased to report that we had an excellent first quarter and that we are on track to meet the guidance we have provided for the year. We generated adjusted EBITDA of $27 million in the first quarter which is an increase of $7.5 million over the same period in fiscal 2008. This 38% improvement in adjusted EBITDA was driven primarily by our achievement of higher sales and higher gross margin rates.

One of the factors that contributed to our year over year improvement in sales and adjusted EBTIDA was the impact of Hurricanes Gustav and Ike and tropical storm Fay which serve several of the communities we serve in Louisiana, Florida, Georgia and along the gulf coast. The storms affected us in two ways. First, we benefited from the storm related purchases by our customers in advance of the storm and second we quickly reopened our stores in areas impacted by the storms before some of our competitors which also had a positive impact on sales and adjusted EBITDA.

I am very pleased that we were able to meet the shopping needs of our customers in those areas by reopening our stores so quickly. I want to thank our associates many of whom were affected themselves for helping us support these communities. They put forth a tremendous team effort and we are proud of what they were able to accomplish.

During the quarter identical store sales increased by 3% compared to the same period last year. Identical stores were driven by an increase in basket size of 5.7% offset by a decline in transaction count of 2.5%. We believe that about 110 basis points of our improvement in identical store sales were related to the hurricanes. The increase in identical store sales was achieved despite the continued impact of the mix shift in pharmacy sales from branded drugs to generic drugs. This had a negative impact of approximately 100 basis points in the first quarter.

We achieved profitable sales this quarter by generating positive identical store sales while also improving gross margin. As a percentage of net sales gross margin for the first quarter was 27.9% which is an increase of 40 basis points from the first quarter of fiscal 2008. The improvement was attributable primarily to a shift in the mix of products sold during the quarter which was largely due to higher percentages of private label products sold as compared to the same period in the prior fiscal year. Gross margin was also positively impacted by reductions in inventory shrink.

In summary, we are pleased that we were able to improve adjusted EBITDA, sales and gross margin this quarter. We also continue to make substantial progress with our strategic initiatives during the quarter, including our store remodeling and corporate brands programs. Our store remodeling program is a multi-year initiative designed to rebuild the Winn-Dixie brand and to ensure that we are providing our customers with a shopping experience that is fresh and local.

As you know we are completing remodels with product assortments tailored to the neighborhoods in which our stores are located. We operate stores in several different communities including urban, affluent, kosher, Hispanic and resort. In conjunction with our remodeling programs we are initiating merchandising strategies designed to meet the needs of our local communities. Our plan is to remodel roughly half of our store base by the end of fiscal 2010 and remodel substantially all of our stores by fiscal 2013.

As of the end of the first quarter 2009 the company had completed 96 store remodels, 75 of which were still in the first year of operation and 59 of those 75 stores are considered by the company to be offensive in nature. For the first quarter of fiscal 2009 the 59 offensive remodels experienced an 11.6% weighted average sales increase compared to the same period in the prior fiscal year excluding the grand reopening phase. The sales increase in the offensive remodels resulted from increases in transaction count and basket size of 3.3% and 8% respectively.

I know many of you have inquired as to how the remodels in year two are performing; however, we do not have a big enough pool of year two remodels from which to draw any meaningful conclusions yet. Beginning next quarter we expect to start reporting the identical store sales for the remodels in the second year of operation.

Let me move on to corporate brands program, as you know this program is another critical element of our long term strategic plan and one that is particularly important in an environment where consumers are looking to stretch their food dollars. Our research and our results show that our customers are migrating more and more towards private label brands. They’re also spending less time at restaurants and cooking more often then they have in the past. We’re pleased that we have established a successful corporate brands program that enables us to deliver high quality products to our customers at a better value.

For the first quarter of fiscal 2009 we improved our penetration rate to 22% which is an increase of 150 basis points compared to the same period in the prior fiscal year on the categories we measure. To date, the company has completed over 1,900 packaging and label redesigns. We are on track with our plan to have substantially all of the company’s line of private label products which consist of approximately 3,000 items on the shelf with redesigned packaging by the end of calendar 2009.

Finally, before turning the call over to Bennett I’ll comment on our financial guidance for the remainder of the year. As you saw from our press release we are maintaining our previously issued guidance range of $110 to $125 million in adjusted EBITDA. While it’s still early in the fiscal year we’re off to a very good start. Clearly the economic climate remains challenging but we have done a good job of meeting our customer’s needs while also delivering strong performance.

I feel very good about what the team has been able to achieve thus far and our strong first quarter results give me added confidence that we are well on our way to meet our financial objectives for fiscal 2009.

Now I’d like to turn it over to Bennett to review the financial results in more detail.

Bennett Nussbaum

Before we open up the call for Q&A I’ll briefly run through a few key items for the quarter. On liquidity and capital expenditures the first item I’d like to discuss is liquidity. At the end of the first quarter Winn-Dixie had approximately $653.1 million of liquidity consisting of approximately $161.9 million of cash and cash equivalents and approximately $491.2 million of borrowing availability under our credit agreement.

All of our cash investments are invested in money funds consisting solely of US Government obligations. We have no borrowings under our credit facility and the only usage under the facility is for letters of credit related primarily to our workers compensation self insurance program. After the first quarter ended we also reached a final settlement with our insurers related to the hurricanes that occurred in fiscal 2006 which included hurricanes Katrina, Wilma, Rita, and others which we consider to be very favorable.

As a result of the settlement we received approximately $25 million in cash. We finalized the settlement and recorded the proceeds on September 25, 2008, after our first quarter closed. The cash received and the related gain on the settlement will be included in our results for the second quarter of fiscal 2009.

For fiscal 2009 we continue to expect capital expenditures to total approximately $250 million of which approximately $150 million is budgeted for our store remodeling program and approximately $100 million is budgeted for maintenance and other store related projects, information technology, new stores, back up generators, and logistics equipment. We believe that we have sufficient liquidity to fund our ongoing operations and our CapEx program in fiscal 2009 through cash, cash flows from operating activities and borrowing availability.

Moving on to other operating and administrative expenses the company’s operating and administrative expenses for the first quarter were approximately $19.5 million higher compared to the same period last year. Several items contributed to this increase including the following which you can also find detailed in our latest 10-Q.

Higher depreciation and amortization related primarily to our store remodeling program, higher compensation costs related primarily to retail payroll, increased utilities due to higher rates, expenses related to hurricane Gustav, hurricane Ike and tropical storm Fay and higher non-cash share based compensation due to additional grants.

Another item I’d like to cover is gross margin. As Peter mentioned as a percentage of net sales gross margin was 27.9% which is an increase of 40 basis points from the first quarter of fiscal 2008. The improvement was attributable primarily to product mix changes that Peter mentioned which accounted for 60 basis points and operational improvements that reduced inventory shrink which accounted for 30 basis points.

These improvements of 90 basis points were offset partially by increase in our LIFO charge which accounted for 30 basis points and was due primarily to an increase in food inflation and other items which accounted for 20 basis points.

I would also like to discuss our expectations for LIFO for the fiscal year. As you know product costs have continued to rise. For the first quarter LIFO charges increased our cost of sales by $7.2 million as compared to a charge of $1.2 million in the prior year. Our LIFO charge is based on current expectations of a 5% to 6% inflation rate for products that we value under the LIFO inventory method. As a result we now estimate our LIFO charge to be approximately $31 million for fiscal 2009 compared to our LIFO charge in fiscal 2008 of $19.6 million an increase of roughly $11 million.

Another item I’d like to cover is our NOL’s. As of September 17, 2008, our net operating loss carry forward for federal income tax purposes or NOL was approximately $550 million. We continue to expect that our NOL’s will increase as we settle remaining outstanding bankruptcy claims and distribute approximately 7.4 million shares held in reserve by the dispersing agent to satisfy remaining disputed unsecured claims.

The amount of the increase will be determined based on the then current market value of our stock at the time these additional shares are distributed. As we have noted previously these 7.4 million shares are included in the 54.2 million shares we had outstanding as of September 17, 2008. We filed our 2007 federal tax return in March and made an election that will allow us to utilize fully our NOL’s to offset our taxable income as we generate it.

Now let me hand it back to Peter.

Peter Lynch

Before opening the call for Q&A I would like to again recognize and thank our dedicated associates. You did a tremendous job helping us recover and reopening stores quickly during a difficult hurricane season. I also want to thank our vendors and other business partners for their continued support as well. All in all this was a very strong start to the fiscal year.

We continue to grow sales, improve margins and profitability and we are maintaining a healthy balance sheet. Our results this quarter give me added confidence that we’re on track for another good year and that we are continuing to make excellent progress with our strategic initiatives.

Operator, we’re now ready for the Q&A session.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Karen Short - Friedman Billings Ramsay.

Karen Short - Friedman Billings Ramsay

Wondering if we could talk a little bit about volume within the basket as it relates to inflation because it seems that, your results are great, but I’m just kind of wondering you’re seeing 5.7% basket size increase and kind of 5% to 6% inflation. Is it fair to say that units are kind of flat?

Bennett Nussbaum

That’s a good assumption. Units are kind of flat. The LIFO inflation isn’t exactly the same as our sales flow through inflation its more in the 3.5% range. So you could assume that the units are fairly flat.

Karen Short - Friedman Billings Ramsay

Wondering if you could give some color on what to expect from a remodel standpoint throughout the year like the timing of the remodels throughout the year and then maybe just elaborate on the offensive versus the defensive split throughout the year?

Peter Lynch

As far as timing goes we reiterated in our statement that we’ll do another 75 this year. We completed one in first quarter of ’09. We’ll have approximately 17 completed in the second quarter of ’09, probably 35 in the third and 22 in the fourth quarter is the way the thing is stacking up right now. There’s 57 of them right that are even started or under design. We’re well into our process for this year and expect continued good results as we move forward.

Karen Short - Friedman Billings Ramsay

The delay was basically hurricane related?

Peter Lynch

We got a little bit of buff with the hurricanes to delay but it wasn’t any big delay and we’re very much on track.

Karen Short - Friedman Billings Ramsay

I’m wondering if you could just comment a little bit on the competitive environment. There’s been a lot of news on Aldi and Wal-Mart obviously had their analyst day meeting yesterday and made some comments on their promotional stats. I’m wondering what you’re seeing out there.

Peter Lynch

In our markets Wal-Mart and Publix are two big ones in Florida and then we get some other various competitors throughout. Aldi has opened up a number of their stores. I’ve been in them; I think they’ve done a very good job with them. The hits that we’ve got are exactly what we anticipated. In fact in many it’s a little bit less. It’s too early to call on those, those have been up and running since maybe about a month right now.

Again, they’re going after really a different consumer then we’ve been going after. Our strategy is more towards service and quality and they’re going after the consumer that’s looking to just basically at price. Having said that you just sat through the Wal-Mart program so you know what their strategies are. More importantly you’ve got to be focusing on what’s Publix doing and some of our other competitors and I think Publix launched their essentials program and that has been kind of on again, a little big off again.

Last week the front page of their ad was pumpkins. I’m not so sure that focus is clearly on essentials it seems to be one week on, one week off. Having said all that, I think all in all there are no major swings on competitive activity. I think everybody’s trying to do what they can to get the consumers into the stores. There’s no price wars, nothing crazy going on down here. It’s just us being able to react to our customers on a week in and week out basis and I think we’ve done a very, very good job doing that.

Operator

Your next question comes from Karen Howland – Barclays Capital.

Karen Howland – Barclays Capital

I was wondering if you could delve a little bit more into the competitive environment question. If I just think about what happened the four quarter compared to your results this quarter it looks like you actually improved your sales even excluding the hurricane impact but had to spend a whole heck of a lot less on promotional spend. I was wondering if that was more, I know it was an effort that you put forth but was it more that the rest of your competition wasn’t putting on price wars or what happened, what did you do differently this quarter?

Peter Lynch

In the last quarter clearly told you that we reacted and we think that we probably overreacted in a down environment which created an imbalance between sale items. There was also some other activity as I recall from our competitors during that quarter. This quarter I think we’ve learned our lesson and you don’t want to over promote in a down cycle. I think we’ve been better at learning which items to be promoting. We always talk about profitable sales; I think we were able to accomplish that very well.

Again, as I indicated to the other Karen I don’t see any crazy things happening down here in the market with our competitors. Everybody’s trying a little bit her and a little bit there but there’s nothing gigantic. No ones doing anything crazy right now.

Karen Howland – Barclays Capital

It sounds like people were a bit more aggressive last quarter and it’s calmed down since then.

Peter Lynch

Could be.

Karen Howland – Barclays Capital

Talking about competitive environment I know Publix with the Albertson’s centers that they’ve bought they were going to close them during the remodeling phase is that going on now is that something you would expect throughout the course of this year?

Peter Lynch

Yes, they closed a number of them, went dark while they’re fixing them up and then again you’re going to have to get the dates from Publix but I think very soon if not even this week they’re starting to reopen some of those stores that they closed down in their reopening phase. I think they’re scattered over a period of time before they get them all reopened again.

Karen Howland – Barclays Capital

Do you have any idea as far as the number of dark stores that are in your competitive market?

Peter Lynch

I don’t have that on top of my head but Eric can get you that afterwards because we do have it.

Karen Howland – Barclays Capital

What was your LIFO assumption for the LIFO charge when you first gave your guidance for the year?

Bennett Nussbaum

When we first gave our guidance it was a tad lower. We saw very strong cost increases in the first quarter and somewhat raised our expectations for LIFO for the full year which of course get charged.

Karen Howland – Barclays Capital

Can you get a bit more specific on a tad?

Bennett Nussbaum

I’d say probably another point or two. We added a point or two to our original assumption.

Operator

Your next question comes from Alex Bisson - FTN Midwest.

Alex Bisson - FTN Midwest

I had a couple questions about the impact of the hurricane. It sounds like in the aftermath you gained a little bit of market share is that a fair statement and if so were you able to hold any of the market share?

Peter Lynch

What we do talk about is the fact think we got our stores open faster than our competitors so obviously if we’ve done that we probably did pick up in the short term some market share. The timeframe is just too short between the time we had the hurricane and the time that we’re going get back our next market share analysis. I’m quite sure that in the short term we did and then the question is going to be were we able to keep some of that. I’m sure we did but I don’t have the numbers to support that yet.

Alex Bisson - FTN Midwest

As you look at the hurricane impact do you think it was a benefit to your traffic for the quarter or a net detriment?

Peter Lynch

I think when you look at it was a detriment on traffic. It was a positive on basket. What happens is we had stores close for a number of days from Gustav, from Ike and then also from Fay when it hit the Florida area pretty hard. You don’t recoup those footsteps, they kind of go away. What happens when they come back from the storm is they come in but rather than coming in twice they come in once and they buy more products. We think it had a negative impact on traffic, it had a very positive impact on basket and I think net net our traffic was probably about the same as where it’s been in prior quarters.

Alex Bisson - FTN Midwest

As you look at working capital in the quarter by and large pretty good expect on the accounts payable line it looked like that came down a little bit. Are you seeing different vendor terms, was it construction payables or what’s going on in that line item.

Bennett Nussbaum

Actually we’ve been improving our vendor terms for a year and a half now and they continue to improve. What you’re looking at in the decrease in accounts payable is primarily a timing issue. If you notice we closed on the 17th of the month rather than the 25th of the month at the end of the last period. For example, we had $9 million sales tax payment check that was in float.

The prior period was right before the fourth of July and we had a big build up in direct store delivery products for the fourth of July that were still on tables. Really our terms continue to be good and improving. You’re just looking at a fair amount of timing in that payable swing.

Alex Bisson - FTN Midwest

For the full year you’d still expecting working capital to be a benefit?

Bennett Nussbaum

I’m hopeful that for the full year we will improve, yes.

Alex Bisson - FTN Midwest

As you look at the $2.7 million of hurricane related EBITDA that reflects the charges you had in the quarter too, I think it was $3.6 million?

Bennett Nussbaum

The offset, yes, net of that offset.

Operator

Your next question comes from Karen Short - Friedman Billings Ramsay.

Karen Short - Friedman Billings Ramsay

One housekeeping question then general debt related question, what is the DNA that’s allocated to Cogs currently the dollar amount?

Bennett Nussbaum

I don’t have that in front of me here. We’ll get back to you on that number, Eric will get back to you.

Karen Short - Friedman Billings Ramsay

I don’t know to the extent you’ve necessarily needed to test this out but as you start to continue with your CapEx program and you actually need to potentially access your revolver do you anticipate any problems given what’s happening in the debt markets or maybe can you give some color on that?

Bennett Nussbaum

We, obviously like everyone else been monitoring our liquidity and our availability position. Our revolver is solid, it still has another three years to run before we have to refinance it before it terminates. The banks in our line are all strong at this point and we don’t see any problem with any of the banks in the syndicate at this point and we don’t feel that when it comes time to draw on the revolver we’ll have any issue. We don’t foresee that.

Karen Short - Friedman Billings Ramsay

Are both Wells and Wachovia in the line or no?

Bennett Nussbaum

Yes, in fact Wachovia is the agent which will be taken over by Wells.

Karen Short - Friedman Billings Ramsay

I noticed you obviously commented on shrink in the quarter. I was wondering if you could elaborate by on some initiatives or what drove the up side to shrink?

Peter Lynch

Its continued progress on execution by this company which I think was indicative as how the company turned a big negative with the hurricanes into a big positive. They’ve done the same thing with shrink. We put the initiatives together over three years ago and we continue to get better. We do not back off on them and I think as we continue to train and execute our people we just do a better, better job. A lot of its asset protection or loss prevention we’ve got very good.

We’ve got systems in our stores that are clearly helping us with internal theft and external theft between cameras and software systems to tell us which cashiers may be taking advantage. Also on the perishable side of the business we continue to train and execute on the perishable side to make sure that we reduce the shrink while still driving profitable sales. It’s been a big initiative but its all about execution and I think it speaks volumes about this team and their ability to get things done.

Karen Short - Friedman Billings Ramsay

I noticed you guys had commented on a Topco relationship on the private label. I was wondering if you could elaborate on that and comment on whether there was any up side on the working capital from that or where you are with that relationship?

Peter Lynch

Obviously private label is a huge initiative for us. We just talked about this year over last year being up 150 basis points. If you take this year and then the year before we’re up 350 basis points which is as you know a big number in this arena. We thought Topco would allow us to even further develop our product lines and drive better penetration and better margins. Topco has enabled us to move faster and more profitable as we move ahead with our private label initiative which is not only on track its doing better than we expected.

Karen Short - Friedman Billings Ramsay

That relationship is already in place and they’re already manufacturing?

Peter Lynch

Already in place, already moving forward, we feel very good about it.

Karen Short - Friedman Billings Ramsay

Many of the retailers that have reported kind of gave commentary on sales trends in the quarter to date. I don’t know if you maybe comment on how your sales are looking in the second quarter and then maybe just give some color on what your full year same store sales guidance was given the strength in the first quarter?

Peter Lynch

If my colleagues have played I’ll play too. For the fourth period we continue to see positive sales increases at about the same levels that we indicated in the first quarter. The trend continues in period number four. As far as the year goes we indicated last time that we thought between 1% and 1.5% obviously that’s probably a little bit conservative but I think given the environment that’s out there I’m going to stick with that 1% to 1.5% right now.

Operator

Your next question comes from Karen Howland – Barclays Capital.

Karen Howland – Barclays Capital

Hitting on the new relationships conversation I was wondering if you can give a little color as far as your relationship that you have working with your Loyalty card, I know you announced that you’ll be working with a new technology company if you’ve already started that process anything you’re learning from it, any initial reactions?

Peter Lynch

Obviously Loyalty card is very important to us as we continue to drive the business so we drive more information about our consumers and make sure that we’ve got the right products in the right stores and giving those consumers the right offerings. I think it’s a little too early to get into any detail about our relationship, the things that we’re doing other than the fact that you should know that the card is a key initiative and we want to develop that more fully so that we can respond to our customers needs in all the markets we operate.

Karen Howland – Barclays Capital

At this point it’s too early; presumably you’re not seeing much of a benefit coming from the relationship that will be more of a calendar year ’09?

Peter Lynch

We’re just working out a pilot and as we get those results and have a little bit more time under our belts I think then it would be appropriate to talk about it but right now its in pilot phase.

Operator

Your next question comes from Justin Neubauer – Banc of America Securities.

Justin Neubauer – Banc of America Securities

I think you guys have answered this before but I just need to ask on the claims resolution the 7.4 million shares held in reserve any timing on distributions?

Bennett Nussbaum

No, we don’t currently have any timing for anticipated distributions because there’s one or two cases that are being litigated and with litigation you can never be sure whether it’s going to settle in six months or take a couple years through appeals.

Justin Neubauer – Banc of America Securities

There are one or two larger cases and the rest of them are just kind of typical to small disputed claims right?

Bennett Nussbaum

That’s a fair statement yes.

Operator

Your next question comes from Christopher Middleton – Atlantic Equities.

Christopher Middleton – Atlantic Equities

On the O&A side on the increase in retail payroll figure is that a run rate we can expect going forward. I know you put it over as labor back into the stores two years ago. My second question was just to see whether you’ve seen any change in customer behavior of late given the gasoline price coming back?

Peter Lynch

Regarding the O&A about a third of that increase is from the remodels and the depreciation which is our strategy, we talked about that going forward. The other third is for labor in the stores and again that’s part of our strategy to make sure that we’ve got the appropriate service levels and driving the type of customer experience we want in our stores. The remainder of that O&A was between the hurricane expense and utility.

Two thirds of that was exactly what we had planned and as straight forward with our strategy and as I said the other third was utilities and hurricane expense. That’s consistent and we will continue to have the appropriate labor levels in our stores, that was one of the initiatives we put forth when I first got here. We put millions back into labor. We do not plan on taking that out you’ve got to have the right labor in the stores to deliver on your strategy.

Regarding customer response I think what you’re seeing is clearly two things, one, consumers are definitely moving from restaurants to the supermarkets and the evidence that we see the people doing more cooking at home we’re starting sell more butter than we’ve ever sold before, more frozen food dinners which is an example of people coming home, getting something quick to eat.

Bagged potatoes is way up for us, here’s one that talks about people probably making sandwiches at home for taking to work, sliced cheese and bread are on the up side for us. Again, indications people are making products at home, maybe taking them to work or having more sandwiches, shortenings, oils, all for cooking. We continue to see a lot of categories that would be indicative of people that have migrated from the restaurant and are shopping in our stores. That’s a big plus for us.

The other thing that we continue to see is this whole move to private label and that’s evidence of people looking for value in the stores and the good news is they like the Winn-Dixie products and they find that’s a tremendous value for them. Migration from restaurants to food stores and a migration to value and we see that with our private label.

Operator

At this time we have no questions in the queue. I would now like to turn the call back over to Peter Lynch for closing remarks.

Peter Lynch

Thank you and again we are very, very pleased with our performance in the first quarter and very confident about our opportunities for this year. Again I want to thank our associates and our vendor partners that have been there with us and helped for this year. I appreciate your attendance on this call and again thank you and we look forward to a great year.

Operator

Thank you for your participation in today’s conference this concludes your presentation you may now disconnect. Good day everyone.

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Source: Winn-Dixie Stores, Inc. F1Q09 (Qtr End 9/17/08) Earnings Call Transcript
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