Transcript Slide 1

FRESH & LOCAL
PETER LYNCH
CHAIRMAN, CEO & PRESIDENT
WINN-DIXIE STORES, INC.
BANK OF AMERICA 2008 CONSUMER CONFERENCE
March 11, 2008
SAFE HARBOR STATEMENT
Certain statements made in this presentation may constitute “forward-looking statements” within the meaning of the federal
securities laws. These forward-looking statements are based on our current plans and expectations and involve certain risks
and uncertainties. Actual results may differ materially from the expected results described in the forward-looking statements.
These forward-looking statements include and may be indicated by words or phrases such as “anticipate,” “estimate,” “plan,”
“expect,” “project,” “continuing,” “ongoing,” “should,” “will,” “believe,” or “intend” and similar words and phrases. There are
many factors that could cause the Company’s actual results to differ materially from the expected results contemplated or
implied by the Company’s forward-looking statements. The Company faces a number of risks and uncertainties with respect to
its continuing business operations and its attempt to increase its sales and gross profit margin, including, but not limited to:
the Company’s ability to improve the quality of its stores and products; the Company’s success in achieving increased
customer count and sales in remodeled and other stores; the results of the Company’s efforts to revitalize the corporate
brand; competitive factors, which could include new store openings, price reduction programs and marketing strategies from
other food and/or drug retail chains, supercenters and non-traditional competitors; the ability of the Company to effectively
manage gross margin rates; the ability of the Company to attract, train and retain key leadership; the Company’s ability to
implement, maintain or upgrade information technology systems, including programs to support retail pricing policies; the
outcome of the Company’s programs to control or reduce operating and administrative expenses and to control inventory
shrink; increases in utility rates or gasoline costs, which could impact consumer spending and buying habits and the cost of
doing business; the availability and terms of capital resources and financing and its adequacy for the Company’s planned
investment in store remodeling and other activities; the concentration of the Company’s locations in the southeastern United
States, which increases its vulnerability to severe storm damage; general business and economic conditions in the
southeastern United States, including consumer spending levels, population, employment and job re-growth in some of our
markets, and the additional risks relating to limitations on insurance coverage following the catastrophic storms in recent
years; the Company’s ability to successfully estimate self-insurance liabilities; changes in laws and other regulations affecting
the Company’s business; events that give rise to actual or potential food contamination, drug contamination or food-borne
illness; the Company’s ability to use net operating loss carryforwards under the federal tax laws; and the outcome of litigation
or legal proceedings. Please refer to discussions of these and other factors in the Company’s Annual Report on Form 10-K for
the fiscal year ended June 27, 2007, and other Company filings with the Securities and Exchange Commission. These
statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no
obligation to publicly revise or update these forward-looking statements, whether as a result of new information, future events
or otherwise.
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AGENDA
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
Building a Strong Foundation

Current State

Financial Highlights

Gaining Market Share

Store Remodel Program

Corporate Brands

Neighborhood Marketing

Fiscal 2008 Financial Guidance

Summary
Building a Strong Foundation
STRONG FOUNDATION FOR FUTURE GROWTH
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
Chapter 11 enabled the Company to streamline its
store base

Achieved numerous operational improvements

Realigned retail organization with stronger focus
on customer service, merchandising and
marketing plans

Assembled experienced and committed leadership
team to execute our turnaround plan

Energized 52,000 Associates who are committed
to “Getting better all the time.”
FINANCIAL HIGHLIGHTS SINCE EMERGENCE

Balancing sales and gross margins - achieve profitable
sales

Four consecutive quarters of 100 basis points or more of
year-over-year gross margin improvement

Positive Adjusted EBITDA

Increasing sales per square foot
Last 4 Quarters
(3Q07 - 2Q08)
(1)
Prior Year 4 Quarters
(3Q06 - 2Q07)
Getting Better
($ in million, except for sq. foot amount)
Net Sales
$
7,228
$
7,152
up $76 million, or 1.1%
Gross Profit
Gross Margin % of sales
$
1,984
27.4%
$
1,869
26.1%
up $115(2) million, or 6.1%
up 130 basis points
(26)
-0.4%
290
up $142 million
up 200 basis points
up 2.4%
Adjusted EBITDA
Adjusted EBITDA Margin
Sales per Sq Foot
$
116
1.6%
$ 297
$
$
(1)Please refer to footnote (one) of our financial statements for the quarterly period ended January 9, 2008 for disclosure regarding successor
versus predecessor financial statements.
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(2)Gross margin for the last four quarters includes ~ $6 million of favorable development of prior years insurance claims, primarily related to
workers’ compensation.
Current State
2008 YTD FINANCIAL HIGHLIGHTS
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
Gross margin of 27.0%, an increase of 100 basis
points compared to prior fiscal year

Adjusted EBITDA of $41.1 million, an increase of
$51.6 million compared to the prior fiscal year

As of January 9, 2008, the Company had $588
million of liquidity
GAINING MARKET SHARE
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Source: March 2008, The Shelby Report
STORE REMODEL PROGRAM

Offensive remodels experienced a 12% weighted
average sales lift following the grand re-opening
 Transaction count increased 5.2%
 Basket size increased 6.8%
 Mix shift from non-perishables to perishables of 200 basis points

18% of store base remodeled by the end of FY08

Expect to complete approximately 50% of store
base by the end of FY2010
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Rebuilding Trust in Our Brand
Reinventing Winn-Dixie brand through three tiers of quality
products that offer better value and selection
“Good” product line that matches the
national and regional “value” brands in
quality.
“Better” product line designed to be
equal to or better than the comparable
national or regional brand category
leader.
“Best” product line for premium tier
products.
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CORPORATE BRANDS(1)
 Current penetration of 20.6% FY08 YTD
 Approaching $1B in annual sales
 On target to have 1,500 SKUs
redesigned by end of FY08
 Winn-Dixie perfectly positioned for shift in
consumer spending
1Corporate
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Brands penetration rate based on the categories measured by Winn-Dixie.
NEIGHBORHOOD MARKETING
VISION AND MISSION
To be the leading neighborhood grocer
aligning our merchandising, marketing
and operations to the communities we
serve, especially:
 Hispanic
 Urban
 Affluent
 Kosher
 Resort
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HISPANIC
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URBAN
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AFFLUENT
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KOSHER
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RESORT
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FISCAL 2008 FINANCIAL GUIDANCE
FISCAL 2008 FINANCIAL GUIDANCE
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
Adjusted EBITDA now expected to range
between $105 - $125 million

Gross margin for the second half of FY08
expected to be equal to second half of
FY07

Expect to achieve a year-over-year
improvement in identical store sales in the
second half of FY08
SUMMARY
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
Solid foundation for future growth

Strategic initiatives are on plan

Experienced and committed leadership team

Achieving profitable sales
FRESH & LOCAL
PETER LYNCH
CHAIRMAN, CEO & PRESIDENT
WINN-DIXIE STORES, INC.
BANK OF AMERICA 2008 CONSUMER CONFERENCE
March 11, 2008
Appendix

Reconciliation of Net Income to Adjusted
EBITDA
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RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
3Q07
4Q07
1Q08
2Q08
Last 4 Quarters
3Q06
4Q06
1Q07
2Q07
Prior Year 4 Quarters
($ in million)
Net Income
Adjustements to reconcile Net income(loss) to EBITDA
Income tax expense (benefit)
Depreciation and amortization
Favorable and unfavorable lease amortization, net
Interest(income) expense, net
EBITDA
Adjustements to reconcile EBITDA to Adjusted EBITDA
Self-insurance reserve adjustement
Share-based compensation
Post-emergence bankruptcy-related professional fees
Impairment charges
Income from discontinued operations
Reorganization items, net gain
Restructuring charge, net gain
Cummulative effect of change in accounting
VISA/MasterCard settlement
Plan-related D&O insurance payment
Adjusted EBITDA
17.8
20.6
(0.8)
4.1
41.7
(29.0)
(17.2)
(24.6)
286.8
216.0
8.4
15.3
0.8
(2.3)
40.0
9.5
17.1
0.8
(1.3)
46.7
(0.1)
17.5
0.9
(1.4)
16.0
4.3
26.5
0.9
(1.1)
34.6
22.1
76.4
3.4
(6.1)
137.4
(1.0)
19.1
1.6
(9.3)
(5.0)
23.3
2.6
3.7
(1.4)
22.0
2.4
(1.6)
(13.4)
24.2
0.5
2.5
300.6
(20.8)
88.6
0.5
9.1
293.4
1.2
4.8
46.0
(20.8)
2.1
0.6
28.6
2.8
0.7
19.5
(18.3)
4.1
1.0
0.2
21.6
(39.1)
10.2
7.1
0.2
115.7
1.7
0.4
(0.2)
11.4
0.2
4.2
1.3
5.7
13.3
(12.4)
(32.4)
1.0
(19.8)
1.5
2.0
(16.3)
4.0
0.9
(1.7)
(11.2)
(0.8)
10.2
6.2
18.7
(4.0)
(338.4)
(0.1)
8.1
0.5
(0.8)
14.7
6.2
26.8
(7.2)
(335.4)
(31.4)
1.0
(1.7)
8.1
(26.3)
(1)Please refer to footnote (one) of our financial statements for the quarterly period ended January 9, 2008 for disclosure regarding successor
versus predecessor financial statements.
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