News Flash

Ruddick Corp reports 8.9% gain in Q2 sales

05 May '06

3 min read

Ruddick Corporation reported that consolidated sales for the fiscal second quarter ended April 2, 2006 increased by 8.9 percent to $801 million from $736 million in the second quarter of fiscal 2005.

For the 26 weeks ended April 2, 2006, sales of $1.60 billion were 9.2 percent above the $1.46 billion for the comparable period of fiscal 2005.

The overall increase in sales during the quarter, and fiscal year to date, was attributable to sales increases at both the Company's Harris Teeter supermarket subsidiary and the Company's American & Efird ("A&E") thread and specialty engineered yarns subsidiary.

The Company reported consolidated net income of $19.8 million, or $0.42 per diluted share, for the second quarter of fiscal 2006 compared to consolidated net income of $18.8 million, or $0.39 per diluted share, in the prior year second quarter.

For the 26 weeks ended April 2, 2006, consolidated net income was $36.7 million, or $0.77 per diluted share, compared to $35.4 million, or $0.74 per diluted share, in the same period of fiscal 2005.

Net income for the second quarter and the first half of fiscal 2006 increased by 5.2 percent and 3.6 percent, respectively, over the prior year periods.

The increase in earnings over the prior year periods was driven by improved operating profit at Harris Teeter and pre-tax gains realized from the sale of real estate investments held by Corporate.

A net gain of $4.0 million wasrecorded in the second quarter of fiscal 2006 and a net gain of $2.1 million was recorded in the second quarter of fiscal 2005 resulting from the sale of separate real estate investments.

More Ruddick Corporation News... More Textiles News - United States Of America...