Sales decline at Ruddick's technical textiles subsidiary

02 May '08

3 min read

Ruddick Corporation reported that consolidated sales for the fiscal second quarter ended March 30, 2008 increased by 9.4% to $976 million from $892 million in the second quarter of fiscal 2007. For the 26 weeks ended March 30, 2008, consolidated sales of $1.95 billion were 10.1% above the $1.77 billion for the comparable period of fiscal 2007.

The overall increase in consolidated sales during the quarter, and fiscal year to date, was attributable to sales increases at the Company's Harris Teeter supermarket subsidiary that were partially offset by sales declines at the Company's American & Efird (A&E) sewing thread and technical textiles subsidiary.

The Company reported that consolidated net income increased by 20.4% to $24.1 million, or $0.50 per diluted share, in the second quarter of fiscal 2008 from $20.0 million, or $0.42 per diluted share, in the prior year second quarter.

For the 26 weeks ended March 30, 2008, consolidated net income increased by 23.8% to $47.4 million, or $0.98 per diluted share, from $38.3 million, or $0.80 per diluted share, in the same period of fiscal 2007. The increase for both the fiscal quarter and 26-week period was driven by improved operating profit at Harris Teeter.

Harris Teeter sales increased by 10.9% to $893.1 million in the second quarter of fiscal 2008 compared to sales of $805.6 million in the second quarter of fiscal 2007. For the 26 weeks ended March 30, 2008, sales rose 11.7% to $1.79 billion from $1.60 billion in the same period of fiscal 2007. The increase in sales was attributable to incremental new stores and comparable store sales increases of 3.28% for the 2008 second fiscal quarter and 3.83% for the 26-week period.

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