Ruddick Corporation Reports Fiscal Third Quarter 2011 Results
A&E’s operating profit for the third quarter of fiscal 2011 increased 35.2% to $7.9 million, from $5.8 million in the third quarter of fiscal 2010. For the 39 weeks ended July 3, 2011, A&E’s operating profit increased by 52.8% to $19.7 million, from $12.9 million for the same period of fiscal 2010. Operating profit improvements were realized in A&E’s U.S. operations and the majority of its foreign operations. The increase in sales contributed to improved operating schedules at most of A&E’s manufacturing facilities throughout the world.
Mr. Dickson said , “We continue to be encouraged by A&E’s operating results for fiscal 2011. A&E’s success in expanding sales and manufacturing capacity in Asia while consolidating manufacturing capacities and reducing operating and overhead costs in the U.S. and Europe resulted in significant improvements in operating profit during the current year. However, we remain cautious for the remainder of this year due to the slower growth in the economy that may lead to less spending by the consumer on retail apparel. During the first three quarters of fiscal 2011, A&E’s consolidated Asian operations reported sales increases of 17% over the prior year, while our unconsolidated subsidiaries reported sales increases of 19% during this same period. In addition, over 65% of the finished goods produced were manufactured at A&E’s Asian facilities, including its joint ventures, during the first three quarters of fiscal 2011. A&E will continue to expand its manufacturing capacity in Asia to support its growth in sales and market share in this vibrant market. We will also continue to enhance our other international operations and evaluate A&E's structure to best position A&E to take advantage of opportunities available through these operations.”
Consolidated capital expenditures for the Company during the first three quarters of fiscal 2011 totaled $102.5 million and depreciation and amortization totaled $105.1 million. Total capital expenditures during the 39 weeks ended July 3, 2011 were comprised of $98.6 million for Harris Teeter and $3.9 million for A&E. During the first three quarters of fiscal 2011, Harris Teeter received $22.6 million of cash in connection with the sale of its ownership position in five investment properties along with one owned property. In addition, Harris Teeter invested an additional $18.8 million and received an additional $11.3 million in connection with the development of certain of its new stores.
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