Ruddick Corporation Reports Fiscal 2011 Results
Ruddick Corporation (NYSE: RDK) (the “Company”) today reported results for the 52 weeks ended October 2, 2011. As previously disclosed, the Company reported on October 27, 2011 that it entered into a definitive agreement with two newly formed affiliates of KPS Capital Partners, LP (“KPS”) to sell all of its ownership interest in its wholly-owned subsidiary, American & Efird, Inc. (“A&E). As such, the results related to A&E are reported as discontinued operations and A&E’s assets have been reclassified as assets held for sale.
Sales for the 52 weeks of fiscal 2011 increased by 4.5% to $4.29 billion from $4.10 billion in the 53 weeks of fiscal 2010. Sales for the 13-week fiscal fourth quarter ended October 2, 2011 decreased slightly to $1.10 billion from $1.11 billion in the 14-week fourth quarter of fiscal 2010. On a comparable week basis (reducing fiscal 2010 sales for the first week of the annual or quarterly period), sales increased by 6.40% for the year and 7.77% for the quarter over the respective periods. The increase in sales was attributable to new store activity and comparable store sales increases. Comparable store sales increased by 3.27% for the year and 5.00% for the fourth quarter of fiscal 2011.
During fiscal 2011, Harris Teeter opened seven new stores (one of which replaced an existing store) and closed two stores, for a net addition of five stores. Harris Teeter operated 204 stores at the end of fiscal 2011. Retail square footage increased by 3.2% in fiscal 2011, as compared to an increase of 6.4% in fiscal 2010.
The Company reported fiscal 2011 consolidated net income of $91.2 million, comprised of earnings from continuing operations of $111.5 million, earnings from discontinued operations of $16.2 million and impairment charges of $36.5 million (net of tax benefits of $12.3 million). For the fiscal fourth quarter ended October 2, 2011, the Company reported a net loss of $8.9 million, comprised of earnings from continuing operations of $24.6 million, earnings on discontinued operations of $3.0 million and net impairment charges of $36.5 million. Fiscal 2011 earnings from continuing operations amounted to $111.5 million, or $2.28 per diluted share, as compared to $98.4 million, or $2.02 per diluted share in fiscal 2010. Earnings from continuing operations for the 13-weeks ended October 2, 2011 amounted to $24.6 million, or $0.50 per diluted share, as compared to $27.6 million, or $0.57 per diluted share, for the 14-week period ended October 3, 2010. Earnings from continuing operations for fiscal 2011 included a pre-tax gain of $19.5 million ($10.3 million after tax or $0.21 per diluted share) from the sale of the Company’s interest in a foreign investment that was recorded in the first quarter of fiscal 2011. Earnings from continuing operations for fiscal 2010 included pre-tax gains totaling $3.9 million ($2.4 million after tax, or $0.05 per diluted share) recorded in connection with the exchange of the Company’s corporate aircraft, of which $1.8 million ($1.1 million after tax, or $0.02 per diluted share) was realized in the fourth quarter of fiscal 2010.
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