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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.

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