Home / Knowledge / News / Textiles / Ruddick reports fiscal 2010 results
Ruddick reports fiscal 2010 results
09
Nov '10
Ruddick Corporation reported that consolidated sales for the 53 weeks of fiscal 2010 increased by 7.9% to $4.40 billion from $4.08 billion in the 52 weeks of fiscal 2009. Consolidated sales for the 14-week fiscal fourth quarter ended October 3, 2010 increased by 13.5% to $1.19 billion from $1.05 billion in the 13-week fourth quarter of fiscal 2009.

The increase in consolidated sales for the year and quarter was attributable to sales improvements at both of the Company's operating subsidiaries - Harris Teeter, the Company's supermarket subsidiary, and American & Efird ("A&E"), the Company's sewing thread and technical textiles subsidiary - and an extra week of operations in fiscal 2010.

The Company reported that consolidated net income for fiscal 2010 increased by 30.3% to $112 million, or $2.31 per diluted share, from $86 million, or $1.78 per diluted share, for fiscal 2009. For the fiscal fourth quarter ended October 3, 2010, consolidated net income increased by 35.1% to $32.0 million, or $0.66 per diluted share, from $23.6 million, or $0.49 per diluted share, in the fourth quarter of fiscal 2009.

Net earnings for both the fiscal year and fourth quarter were favorably impacted by significant operating profit improvements at A&E when compared to the prior year periods, operating profit improvements at Harris Teeter and gains realized in connection with the exchange of the Company's corporate aircraft.

The exchange of the Company's corporate aircraft during fiscal 2010 resulted in pre-tax gains totaling $3.9 million ($2.4 million after tax, or $0.05 per diluted share), of which $1.8 million ($1.1 million after tax, or $0.02 per diluted share) was realized in the fourth quarter. As previously disclosed, fiscal 2009 results included non-cash charges totaling $9.9 million ($6.1 million after tax benefits, or $0.13 per diluted share) related to goodwill and long-lived asset impairments recognized by A&E.

Harris Teeter sales for fiscal 2010 increased by 7.1% to $4.10 billion from $3.83 billion in fiscal 2009. Sales for the fourth quarter of fiscal 2010 were $1.11 billion, an increase of 12.5% from the $984.5 million in the fourth quarter of fiscal 2009. The increase in sales for both the fiscal year and fourth quarter was attributable to sales from incremental new stores and the extra week of operations in fiscal 2010. The additional week in fiscal 2010 accounted for approximately 2.0% and 7.8% of the total sales increase for the fiscal year and fourth quarter, respectively.

The sales increase was partially offset by comparable store sales declines of 1.10% for the year and 0.14% for the fourth quarter. Comparable store sales were computed on a 14-week and 53-week basis by adding an additional week of sales to the respective prior year periods. Comparable store sales continue to be negatively impacted by retail price deflation driven by promotional activity and changes in consumer purchasing habits, reflective of the current economic environment.


Must ReadView All

Textiles | On 19th Sep 2017

Karl Mayer expands service operations in Asia

Karl Mayer, a world leader in the production of warp knitting and...

Textiles | On 19th Sep 2017

Welspun bags Made in Green label by Oeko-Tex

Welspun, a leading home textiles manufacturer, has been awarded Made...

Courtesy: SGS

Textiles | On 19th Sep 2017

SGS expands testing facilities in Naucalpan, Mexico

SGS has expanded testing facilities in Naucalpan, Mexico, creating a...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Steve Cole
Xerium Technologies

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

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

September 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
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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