Home / Knowledge / News / Textiles / Ruddick realizes increased customer visits
Ruddick realizes increased customer visits
04
Feb '11
Ruddick Corporation reported that consolidated sales for the first quarter of fiscal 2011 ended January 2, 2011 increased by 6.2% to $1.11 billion from $1.04 billion in the first quarter of fiscal 2010. The increase in consolidated sales for the quarter was attributable to a 6.2% sales increase at Harris Teeter, the Company's supermarket subsidiary, and a 7.3% sales increase at American & Efird, the Company's sewing thread and technical textiles subsidiary.

In the first quarter of fiscal 2011, consolidated net earnings increased by 60.7% to $38.1 million, or $0.78 per diluted share, from $23.7 million, or $0.49 per diluted share, in the prior year's first fiscal quarter. The increase in net earnings over the prior year was driven by operating profit improvements at both of the Company's operating subsidiaries and a pre-tax gain of $19.5 million ($10.3 million after tax or $0.21 per diluted share) from the sale of the Company's interest in a foreign investment company that was recorded in the first quarter of fiscal 2011.

Harris Teeter's sales increased by 6.2% to $1.03 billion in the first quarter of fiscal 2011, from $972.3 million in the first quarter of fiscal 2010. The increase in sales was attributable to incremental new store sales, an increase in comparable store sales of 2.21% and the shifting of the new years' holiday resulting from the 53-week year in fiscal 2010.

The new years' holiday sales for fiscal 2011 are recognized in the first quarter of fiscal 2011, whereas the holiday sales in fiscal 2010 were recognized in the second quarter; however, comparable store sales are computed with the holiday sales included in both periods. During the first quarter of fiscal 2011, Harris Teeter opened 2 new stores. Since the end of the first quarter of fiscal 2010, Harris Teeter has opened 9 new stores (one of which replaced an existing store) and closed 2 stores, for a net addition of 7 stores. Harris Teeter operated 201 stores as of the end of the first quarter of fiscal 2011.

Operating profit at Harris Teeter in the first quarter of fiscal 2011 increased by 6.2% to $44.9 million (4.35% of sales), from $42.3 million (4.35% of sales) in the first quarter of fiscal 2010. Operating profit was impacted by new store pre-opening costs of $1.9 million (0.18% of sales) and $2.6 million (0.26% of sales) in the first quarter of fiscal 2011 and fiscal 2010, respectively. New store pre-opening costs fluctuate between reporting periods depending on the new store opening schedule.

The increase in Harris Teeter's operating profit for the first quarter of fiscal 2011 from the prior year resulted primarily from Harris Teeter's increased sales and a continued emphasis on operational efficiencies and cost controls. Savings realized through these efforts have been utilized to fund increased promotional activity designed to provide additional value to our customers and offset increased occupancy costs, pension expense and increased debit and credit card fees.


Must ReadView All

Textiles | On 26th Jul 2017

Q1 2018 revenue at Raymond soars 14%

The consolidated revenue of Raymond Limited for the first quarter of...

Textiles | On 26th Jul 2017

Textile Corp of America to create 1000 jobs in Tennessee

Textile Corporation of America Inc, a leading textile manufacturer,...

Textiles | On 26th Jul 2017

Leather & footwear industry expecting incentive package

India’s leather and footwear industry is anticipating an incentive...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Giorgio Mantovani
Corman S.p.A

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

Igor Chapurin
Chapurin

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do 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

July 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

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

Yes No

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

Yes No

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


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



X