Ruddick’s Yearly Income Up Nearly 20%
Charlotte, N.C. Ruddick Corp., parent of the Harris Teeter Inc. supermarket chain and American & Efird Inc., a thread and specialty yarn maker, on Thursday said its net income for the fourth quarter, ended Sept. 28, jumped 17% to $24.8 million. Sales rose 8.8%. to $1.03 billion; same-store sales were up 2.16%.
Sales in fiscal 2008 rose 9.7% to $3.99 billion from $3.64 billion last year. Net income for the year grew nearly 20% to $96.8 million.
Harris Teeter opened 15 new stores during fiscal 2008, ending with a total of 176 locations. Ruddick said it plans to continue expanding the banner in the Washington, D.C., area in 2009, and projected capital expenditures of about $241 million for the chain.
“We are pleased with our results for both the quarter and fiscal year, especially during these times of economic uncertainty,” says Thomas Dickson, Ruddick president and chief executive. “We continue to refine our merchandising strategies to respond to the changing environment and remain focused on our new-store expansion and remodeling programs.”