CHARLOTTE, N.C. -- Ruddick Corp. here said last week same-store sales at its Harris Teeter subsidiary rose 4.8% for the year ended Sept. 27.
The company said operating profit at Harris Teeter was up 14% for the year to $52.1 million, reflecting the positive results of productivity and cost management initiatives. "Harris Teeter operating profits are beginning to reflect the impact of very specific programs we have put in place to improve them," Dickson said.
Sales for the 13-week quarter rose 11.6% to $543.1 million, while same-store sales increased 5.9% and operating profit was up 16.5% to $13.2 million.
The company said it opened 10 stores during the year, including one replacement unit, and closed four. The company said it plans 10 more new stores in fiscal 1999, including its first two in Florida.
Ruddick's total sales for the year, including both Harris Teeter and American & Efird, an industrial thread subsidiary, rose 8% to $2.5 billion, while net income fell 2% to $46.8 million, which the company said was due to lower operating earnings at A&E's Korean operations and an increase in the company's income tax rate.
For the quarter, corporate sales were up 9% to $633 million, while net income rose 10% to $13.1 million.