Home / Knowledge / News / Textiles / Sewing thread producer A&E sales rise in Q3 2007
Sewing thread producer A&E sales rise in Q3 2007
01
Aug '08
Ruddick Corporation reported that consolidated sales for the fiscal third quarter ended June 29, 2008 increased by 9.8% to $1.01 billion from $0.92 billion in the third quarter of fiscal 2007. For the 39 weeks ended June 29, 2008, consolidated sales of $2.97 billion were 10.0% above the $2.70 billion for the comparable period of fiscal 2007.

The increase in consolidated sales during the quarter was attributable to sales increases of 10.8% at Harris Teeter, the Company's supermarket subsidiary, and 0.8% at American & Efird ("A&E"), the Company's sewing thread and technical textiles subsidiary. The increase in consolidated sales for the year to date was driven by sales increases of 11.4% at Harris Teeter that were partially offset by sales declines of 2.9% at A&E.

The Company reported that consolidated net income increased 15.6% to $24.5 million, or $0.51 per diluted share, for the third quarter of fiscal 2008, from $21.2 million, or $0.44 per diluted share in the prior year third quarter. For the 39 weeks ended June 29, 2008, consolidated net income increased 20.9% to $71.9 million, or $1.49 per diluted share, from $59.5 million, or $1.24 per diluted share, in the same period of fiscal 2007. The increase for both the fiscal quarter and 39-week period was driven by improved operating profit at both Harris Teeter and A&E.

Harris Teeter sales increased by 10.8% to $926.3 million in the third quarter of fiscal 2008 compared to sales of $836.4 million in the third quarter of fiscal 2007. For the 39 weeks ended June 29, 2008, sales rose 11.4% to $2.72 billion from $2.44 billion in the same period of fiscal 2007. The increase in sales was attributable to incremental new stores and comparable store sales increases of 1.73% for the 2008 third fiscal quarter and 3.11% for the 39-week period.

The comparable store sales gain for the third quarter of fiscal 2008 was negatively impacted by the timing of the Easter holiday and Fourth of July holiday. Both holidays were included in the third quarter of fiscal 2007, whereas in fiscal 2008, the Easter holiday was in the second quarter and the Fourth of July holiday will be in the fourth quarter.

During the first nine months of fiscal 2008, Harris Teeter opened 12 new stores, closed 2 older stores (both of which were replaced by new stores) and completed the major remodeling of 6 stores (4 of which were expanded in size). Since the third quarter of fiscal 2007, Harris Teeter has opened 19 new stores while closing 4 stores for a net addition of 15 stores. The company operated 174 stores at June 29, 2008.

Operating profit at Harris Teeter increased by 11.7% to $44.5 million (4.81% of sales) for the third quarter of fiscal 2008, from $39.9 million (4.77% of sales) in the prior year period (an improvement of 4 basis points). For the 39 weeks ended June 29, 2008, operating profit was $135.1 million (4.98% of sales), an increase of 19.0% from $113.5 million (4.66% ofsales) in the prior year period (an improvement of 32 basis points).


Must ReadView All

Courtesy: American Silk Mills

Textiles | On 18th Oct 2017

Sutlej Textiles adds American Silk Mills to its portfolio

Sutlej Textiles and Industries Ltd (STIL) has announced the...

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search