Ruddick Corporation reported that consolidated sales for the fiscal third quarter ended July 1, 2007 increased by 11.2% to $923 million from $830 million in the third quarter of fiscal 2006. For the 39 weeks ended July 1, 2007, sales of $2.70 billion were 11.0% above the $2.43 billion for the comparable period of fiscal 2006.
The overall increase in sales during the quarter was attributable to sales increases at the Company's Harris Teeter supermarket subsidiary that were offset, in part, by a sales decline at the Company's American & Efird (A&E) sewing thread and technical textiles subsidiary. Both operating subsidiaries realized sales increases for the fiscal year-to-date period.
The Company reported that consolidated net income increased 19.4% to $21.2 million, or $0.44 per diluted share, for the third quarter of fiscal 2007, from $17.8 million, or $0.37 per diluted share in prior year period. For the 39 weeks ended July 1, 2007, consolidated net income increased by 9.3% to $59.5 million, or $1.24 per diluted share, from $54.4 million, or $1.14 per diluted share, in the same period of fiscal 2006.
The increase in earnings over the prior year was driven primarily by improved operating profit at Harris Teeter. As previously disclosed, results for the 39 weeks of fiscal 2006 included net pre-tax gains totaling $3.3 million ($1.5 million of expense related to new Supplemental Executive Retirement Plans, a $0.8 million gain for insurance proceeds and a $4.0 million gain from the sale of a real estate investment).
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