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

Courtesy: Li & Fung

Textiles | On 29th Mar 2017

Li & Fung introduces new 3-year plan 2017-2019

Li & Fung Limited has outlined its next Three-Year Plan (2017-2019)...

Courtesy: Carrington

Apparel/Garments | On 29th Mar 2017

Carrington Workwear signs JV with TMG Textiles

Carrington Workwear, one of the largest producers of workwear fabrics ...

Apparel/Garments | On 29th Mar 2017

Jabong launches Aeropostale on its platform

Jabong has added leading American high-street fashionwear brand,...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

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

Johan Berlin
InvestKonsult Sweden AB

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

Judy Frater
Somaiya Kala Vidya

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

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search