Ruddick Corporation Reports Fiscal Third Quarter 2011 Results
Harris Teeter’s operating performance and the Company’s strong financial position provides the flexibility to continue with Harris Teeter’s store development program for new and replacement stores along with the remodeling and expansion of existing stores. Harris Teeter plans to open one new store and complete the major remodeling on four stores during the fourth quarter of fiscal 2011. The new store development program for fiscal 2011 is expected to include a total of seven new stores and result in a 3.4% increase in retail square footage, as compared to a 6.4% increase in fiscal 2010. The decrease in the square footage growth between fiscal 2010 and fiscal 2011 reflects the Company’s efforts, as previously initiated and disclosed, to delay new store openings during these challenging economic times. Management will continue to evaluate Harris Teeter’s new store program and may adjust its strategic plan accordingly. In addition, Harris Teeter routinely evaluates its existing store operations in regards to its overall business strategy and from time to time will close or divest underperforming stores.
Consolidated capital expenditures for the Company are planned to total approximately $173 million for fiscal 2011 (consisting of $165 million for Harris Teeter and $8 million for A&E) and $228 million for fiscal 2012 (consisting of $215 million for Harris Teeter and $13 million for A&E). During fiscal 2012, Harris Teeter plans to open seven new stores (one of which will replace an existing store) and complete major remodels on thirteen stores (six of which will be expanded in size). The fiscal 2012 new store openings are currently scheduled for three in the first quarter, none in the second quarter, two in the third quarter and two in the fourth quarter. The anticipated increase in Harris Teeter’s capital expenditures from fiscal 2011 to fiscal 2012 is caused by increased remodel costs in fiscal 2012 for additional expansions and a plan that calls for fiscal 2013 new stores to open earlier in the fiscal year.
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