Home / Knowledge / News / Textiles / Sales declines at American & Efird

Sales declines at American & Efird

Aug '09
Ruddick Corporation reported that consolidated sales for the fiscal third quarter ended June 28, 2009 increased by 1.1% to $1.02 billion, from $1.01 billion in the third quarter of fiscal 2008. For the 39 weeks ended June 28, 2009, consolidated sales of $3.03 billion were 2.2% above the $2.97 billion for the comparable period of fiscal 2008.

The increase in consolidated sales for the quarter and 39-week period was attributable to sales increases at Harris Teeter, the Company's supermarket subsidiary, that were partially offset by sales declines at American & Efird (“A&E”), the Company's sewing thread and technical textiles subsidiary.

The Company reported that consolidated net income in the third quarter of fiscal 2009 was $16.5 million, or $0.34 per diluted share, as compared to $24.5 million, or $0.51 per diluted share in the prior year third quarter. For the 39 weeks ended June 28, 2009, consolidated net income was $62.3 million, or $1.29 per diluted share, as compared to $71.9 million, or $1.49 per diluted share in the same period of fiscal 2008.

Fiscal 2009 results include 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. During the third quarter of fiscal 2009, A&E recorded non-cash impairment charges related to its U.S. operations. The impairment charges consisted of $7.7 million for the write-off of all of the goodwill associated with A&E's U.S. acquisitions made in 1995 and 1996 and $2.2 million for the write-down of long-lived assets.

Net income for the third quarter and 39-week period of fiscal 2009 decreased from the prior year periods as a result of the non-cash charges discussed above, operating losses at A&E and a slight decrease in operating profit at Harris Teeter from the prior year periods. The decrease in net income for the 39-week period was partially offset by the previously disclosed adjustment recorded in the second quarter of fiscal 2009 that reduced income taxes by approximately $1.6 million for the reversal of valuation allowances associated with foreign tax credits.

Harris Teeter sales increased by 4.1% to $964.2 million in the third quarter of fiscal 2009, compared to sales of $926.3 million in the third quarter of fiscal 2008. For the 39 weeks ended June 28, 2009, sales rose 4.7% to $2.84 billion from $2.72 billion in the same period of fiscal 2008.

The increase in sales for both the quarter and 39-week period was attributable to incremental new stores and was partially offset by comparable store sales declines of 1.42% for the quarter and 1.15% for the 39-week period. As previously disclosed, comparable store sales for the third quarter of fiscal 2009 were impacted by the shift of the Easter holiday from second quarter in fiscal 2008 to third quarter in fiscal 2009.

This shift in the Easter holiday had a 32 basis points impacton third quarter comparable store sales. Comparable store sales continue to be negatively impacted by changes in consumer buying habits created by the current economic environment and, to some extent, the cannibalization created by opening additional stores in certain key major markets that have a close proximity to existing stores.

Must ReadView All

Pic: Anton_Ivanov / Shutterstock.com

Retail | On 27th Jan 2022

UK retail sales volumes fall at fastest rate in 11 months in Dec 2021

UK retail sales volumes fell by 3.7 per cent in December 2021, the...

Pic: Shutterstock

Textiles | On 26th Jan 2022

Vietnam-US trade hits $111.56 bn in 2021

Vietnam-US trade hit $111.56 billion in 2021, up by nearly $21...

Pic: Shutterstock

Textiles | On 26th Jan 2022

Turkey using less coal, hydropower; use of renewables, gas up: Ember

The use of coal and water for energy in Turkey reduced in 2021, while ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry with brand ethos

Vandana Narang, National Institute of Fashion Technology

Vandana Narang
National Institute of Fashion Technology

Campus placements are low due to lockdowns

Vikash & Vishal Pacheriwal,

Vikash & Vishal Pacheriwal

Launched in 2018, Raisin is a contemporary fusion fashion brand that aims...

Sarah Bellos,

Sarah Bellos

Stony Creek Colors was started in 2012 to build a new future for natural...

Yawer Ali Shah,

Yawer Ali Shah

Synthetic colours and dyes were all the rage till the very first ban on...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

 Natacha Defeche, Edana

Natacha Defeche

Since 1971, EDANA, the International association serving the nonwovens and ...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Asmita Marwa, Asmita Marwa Design

Asmita Marwa
Asmita Marwa Design

Indian fashion designer Asmita Marwa has been rated by Vogue as one of the ...

Anjali Bhaskar, Samatvam

Anjali Bhaskar

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha & Jigar blends India's unique handcrafts...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments


Gap International Sourcing Limited
Tory Burch Hong Kong Ltd
Vardhman Textile Ltd
Etam Group Strategy Hong Kong Limited
OVS Hong Kong Sourcing Ltd.
Hirdaramani International Export Private Limited
Chori Company Limited
Lululemon Athletica Inc
Hela Clothing Pvt Ltd
Seasalt Limited
Under Armour Global Sourcing Ltd
Sportmaster Ltd.
Recron Polyester from Reliance Industries Limited
International Textile Manufacturers Federation
Aramark Uniform ;& Career Apparel, LLC
Lisa S.P.A.
PVH Corporation
Groz-Beckert East Asia LLP
Lacoste (Wanchai)
Boardriders Asia Sourcing Limited
Sportswear Company Spa
Phong Phu international JSC (PPJ)
Sateri (Jiujiang) Fiber Co.,Ltd
SHAHI Exports Pvt Ltd
John Varvatos
Esprit Europe Services GmbH
The LYCRA Company Singapore  Pte. Ltd
Benetton Group
Varner AS Retail
Calvin Klein
LC Waikiki
MAS Active / MAS Kreeda / MAS Bodyline
Tommy Hilfiger
H;&M Hennes ;& Mauritz (Far East) Ltd
Landmark Group
Reiter India Private Limited
Cat Tuong Real Estate Group Joint Stock Company
Desigual - ABASIC, S.A.
T.T. Limited
Aquarelle Clothing Limited
Brandix Lanka Limited
Vianney Textil Hogar S.A. De C.V.
Bluestem Global Sourcing Limited
Gokaldas Exports Limited
Helly Hansen Far East Ltd
The Top Form Brassiere Manufacturing Company Limited
Lenzing Aktiengesellschaft
KAS Direct Sourcing
NITI Aayog
Gloria Jeans
G-Star Raw C.V.
Arvind Limited
Midas Clothing Limited
C;&A Sourcing International Ltd
Rosset ;& Cia Limited
Alix Partners
Rayonese Textile Inc., Division de Culp Inc.
Grasim Industries Limited
Page Industries Limited (Bangalore)
Target Corporation (MN)
IDH – The Sustainable Trade Initiative
Truetzschler India Private Limited
Amazon China
Sainsbury's Argos Asia Limited
Eastman Chemical Company
Green Fibre
Tchibo GmbH
Maceton Limited
Gatsby Africa
Restoque S.A.
Guess Europe Sagl,
J ;& P Coats
Chico’ FAS

January 2022

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

Advanced Search