Home / Knowledge / News / Textiles / Ruddick will continue to enhance international operations
Ruddick will continue to enhance international operations
29
Jan '10
Ruddick Corporation reported that consolidated sales for the first quarter of fiscal 2010 ended December 27, 2009 increased by 4.6% to $1.04 billion from $995 million in the first quarter of fiscal 2009. The increase in consolidated sales for the quarter was attributable to a 4.7% sales increase at Harris Teeter, the Company's supermarket subsidiary, and a 3.2% sales increase at American & Efird (“A&E”), the Company's sewing thread and technical textiles subsidiary.

In the first quarter of fiscal 2010, consolidated net income was $23.7 million, or $0.49 per diluted share, compared to $22.9 million, or $0.47 per diluted share, in the prior year's first quarter. The increase in net income over the prior year was driven by operating profit improvements at A&E that more than offset the slight decline in operating profit at Harris Teeter and additional overhead expenses at the holding company, as compared to the prior year. The increase in corporate expenses was driven by increased costs associated with certain benefit programs that have investment returns referenced to the financial markets and expenses of $500,000 associated with certain contract negotiations.

Harris Teeter's sales increased by 4.7% to $972.3 million in the first quarter of fiscal 2010, compared to sales of $928.9 million in the first quarter of fiscal 2009. The increase in sales was attributable to incremental new store sales that were partially offset by a comparable store sales decline of 2.37% for the quarter. Comparable store sales for the quarter were negatively impacted by retail price deflation and changes in consumer purchasing habits, reflective of the current economic environment.

During the first quarter of fiscal 2010, Harris Teeter opened 6 new stores and closed one existing store, which was replaced by one of the new stores. Since the end of the first quarter of fiscal 2009, Harris Teeter has opened 21 new stores, closed 3 older stores (which were all replaced by new stores) and completed the major remodeling of one store, which included the expansion of selling square footage. Harris Teeter operated 194 stores at December 27, 2009.

Operating profit at Harris Teeter in the first quarter of fiscal 2010 decreased to $42.3 million (4.35% of sales), from $44.3 million (4.77% of sales) in the first quarter of fiscal 2009. Operating profit was impacted by new store pre-opening costs of $2.6 million (0.26% of sales) and $4.0 million (0.43% of sales) in the first quarter of fiscal 2010 and fiscal 2009, respectively. New store pre-opening costs fluctuate between reporting periods depending on the new store opening schedule.

The decrease in Harris Teeter's operating profit for the first quarter of fiscal 2010 from the prior year resulted primarily from the continued promotional retail price investments made to enhance the overall value we provide to our customers. The sales increases, along with a continued emphasis on operational efficiencies and cost controls, have provided the leverage to partially offset the additional costs associated with Harris Teeter's increased promotional activity, increased occupancy costs and increased pension expense.


Must ReadView All

Retailers launch US Global Value Chain Coalition

Apparel/Garments | On 24th Oct 2017

Retailers launch US Global Value Chain Coalition

The American Apparel & Footwear Association (AAFA), the National...

Italian textile machinery orders index rises 6% in Q3

Textiles | On 24th Oct 2017

Italian textile machinery orders index rises 6% in Q3

The orders index for Italian textile machinery rose by six per cent...

OECD urges UK for close EU ties to meet Brexit challenges

Textiles | On 24th Oct 2017

OECD urges UK for close EU ties to meet Brexit challenges

The British economy has weakened following the decision to leave the...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Rikesh Mistry

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

Abhishek Pachauri

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

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Prathyusha Garimella
Prathyusha Garimella

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

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

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
76.1%
No
12.7%
Skip
11.3%

Total Votes: 71

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
62.0%
No
28.2%
Skip
9.9%

Total Votes: 71

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
85.9%
No
9.9%
Skip
4.2%

Total Votes: 71

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
76.1%
No
11.3%
Skip
12.7%

Total Votes: 71


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