Word: winn
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Outside the South, Winn-Dixie Stores, Inc., is scarcely known. Seventh in sales among the nation's grocery chains, it ranks well behind such billionaires as A. & P., Safeway and Kroger. But for six straight years Winn-Dixie, with 609 stores in ten Southern states, has topped every large U.S. merchandising firm on a gauge that profit-minded businessmen watch more closely than any other: return on invested capital. In 1962 the chain earned 21% on its capital, almost twice as high a percentage as A. & P.'s. Last fortnight Winn-Dixie, which has increased its dividend...
...major corporations have such unusual management. Four brothers, sons of Founder William M. Davis, run Winn-Dixie as a team. James Elsworth Davis, 56, is chairman, and Artemus Darius Davis, 57, president; both maintain modest offices in the company's headquarters at Jacksonville, Fla., where they are known as Mr. J. E. and Mr. A. D. Brother Austin Davis, 52, is executive vice president in Miami, and Tine Davis, 49, has the same title in Montgomery. Each has an equal say in management and draws the same "salary" (one-half percent of pre-tax profits, less $25,000, which...
...Different." The brothers follow the business maxims of their late father, who left his sons 35 stores. "Stay liquid, sell for cash, and don't buy real estate," he advised. Instead of owning its stores and warehouses, Winn-Dixie rents them. Drawls A. D. Davis: "Everything we have our money in is turning out dollars for us every 18 or 20 days"-which is the time it takes for Winn-Dixie's inventory to turn over (about 25% faster than the average for supermarkets). With $66 million in working capital on hand, the brothers avoid seasonal borrowing...
...dollar of sales, you simply can't waste money." The company has smaller stores than its competitors, fits them with a minimum of expensive equipment. These stores stock prime meats and vegetables, sometimes price them slightly lower than competitors do. Because regional markets vary, Winn-Dixie's divisional managers are free to buy and sell as they please. "This is a hell of a lot different than the A. & P.," says A. D. "There the rules are made at 420 Lexington Avenue, period...
George H. Williams, Winn Professor of Ecclesiastical History, said that the immediate concern of the Divinity School faculty members is to save the lives of the three Baha'i. "The fact that people are sentenced to death for their religious beliefs and practices is unthinkable," he said...