Ruddick Corporation reports 6.1% rise in fiscal 05 net income
05 Nov '05
2 min read
Ruddick Corporation reported that consolidated sales for the 52 weeks of fiscal 2005 ended October 2, 2005 increased by 3.3 percent to $2.96 billion from $2.87 billion during the 53 weeks of fiscal 2004. Consolidated sales were $752 million for the 13-week fourth quarter of fiscal 2005 as compared to $773 million for the 14-week fourth quarter of fiscal 2004.
The increase in sales for the year was attributable to sales improvements at both the Harris Teeter supermarket subsidiary and the American & Efird ('A&E') thread and specialty engineered yarns subsidiary. The decrease in sales for the quarter resulted from the additional week of operations in the prior year.
The Company reported consolidated net income of $68.6 million, or $1.44 per diluted share, for the 52 weeks ended October 2, 2005, compared to $64.7 million, or $1.38 per diluted share, for the 53 weeks of fiscal 2004. Consolidated net income for the 13-week fourth quarter of fiscal 2005 was $15.4 million, or $0.32 per diluted share, compared to net income of $17.9 million, or $0.38 per diluted share, for the 14-week fourth quarter of fiscal 2004.
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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