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Ruddick Corporation's Q1 sales up 9.6% following strong demand

06 Feb '06

2 min read

Manufacturer and distributor of thread and specialty engineered yarns Ruddick Corporation reported that consolidated sales for the 2006 fiscal first quarter ended January 1, 2006 increased by 9.6 percent to $796.6 million from $726.9 million in the first quarter of fiscal 2005.

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 specialty engineered yarns subsidiary.

In the first quarter of fiscal 2006, consolidated net income was $16.9 million, or $0.36 per diluted share, compared to $16.6 million, or $0.35 per diluted share, in the prior year's first quarter.

The 1.7 percent increase in net earnings over the prior year was driven by a 14.4 percent increase in operating profit at Harris Teeter.

The operating profit improvement at Harris Teeter was partially offset by an operating loss at A&E resulting from weak manufacturing operating schedules for apparel related thread products in the Americas and incremental costs associated with the implementation of A&E's initiatives to diversify their product lines and build upon their global footprint.

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Ruddick Corporation is a holding company with two primary operating subsidiaries: Harris Teeter, Inc, a regional chain of supermarkets in six southeastern states and American & Efird Inc, a leading manufacturer and distributor of thread and specialty engineered yarns with global operations.

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