Ruddick Corporation reported that consolidated sales for fiscal 2006 increased by 10.2% to $3.27 billion from $2.96 billion in fiscal 2005. Sales for the fiscal fourth quarter ended October 1, 2006 increased by 11.4% to $838 million from $752 million in the fourth quarter of fiscal 2005.
The increase in sales was attributable to sales increases at both the Company's Harris Teeter supermarket subsidiary and the Company's American & Efird (A&E) thread and technical textiles subsidiary.
The Company reported consolidated net income of $72.3 million, or $1.52 per diluted share for fiscal 2006, an increase of 5.4% from the $68.6 million, or $1.44 per diluted share reported for fiscal 2005. Consolidated net income for the fiscal fourth quarter ended October 1, 2006, was $17.9 million, or $0.37 per diluted share, an increase of 16.1% from the $15.4 million, or $0.32 per diluted share, in the fourth quarter of fiscal 2005.
The increase in earnings over the prior fiscal year was driven primarily by improved operating profit at Harris Teeter which was offset, in part, by lower operating profit at A&E and increased net interest expense. The increase in earnings for the quarterly period resulted from operating profit improvements at both subsidiaries.
The increase in sales was attributable to new store activity and comparable store sales increases of 3.20% for the year and 2.35% for the fourth quarter and was partially offset by store closings and divestitures.
marketing@alchempro.com
