Thread & technical textiles sales go up at Ruddick
05 Feb '07
2 min read
Ruddick Corporation reported that consolidated sales for the 2007 fiscal first quarter ended December 31, 2006 increased by 10.6% to $880.8 million from $796.6 million in the first quarter of fiscal 2006. The increase in sales during the quarter was attributable to sales increases at both the Harris Teeter supermarket subsidiary and the Company's American & Efird (A&E) thread and technical textiles subsidiary.
In the first quarter of fiscal 2007, consolidated net income was $18.3 million, or $0.38 per diluted share, compared to $16.9 million, or $0.36 per diluted share, in the prior year's first quarter. The 8.2% increase in net earnings over the prior year was driven by operating profit increases at both operating subsidiaries.
Harris Teeter's sales increased by 11.2% to $796.3 million in the first quarter of fiscal 2007 compared to sales of $716.1 million in the first quarter of fiscal 2006. The increase in sales was attributable to new store activity, partially offset by store closings and divestitures, and a comparable store sales increase of 3.31% for the quarter.
During the first quarter of fiscal 2007, Harris Teeter opened 5 new stores, closed 2 older stores and completed the major remodeling of 3 stores, 2 of which were expanded in size. Since the first quarter of fiscal 2006, Harris Teeter has opened 20 new stores while closing or divesting 9 stores for a net addition of 11 stores. The company operated 155 stores at December 31, 2006.
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