Thursday after the bell, supermarkets chain owner Ruddick Corp. (RDK) reported a decline in profit for the fourth quarter, but an increase in sales, which is mainly due to sales increases at Harris Teeter, the Company's supermarket subsidiary.
Ruddick's profit for the fourth quarter declined to $23.64 million from $24.83 million in the year-ago period. On a per share basis, net income decreased to $0.49 from $0.51 last year.
Analysts polled by Thomson Reuters expected earnings of $0.47 for the quarter. Analysts' estimates typically exclude one-time items.
Sales for the quarter increased 2.1% to $1.05 billion from $1.03 billion last year, while analysts expected $1.04 billion for the quarter.
The company attributed the increase to sales increases at Harris Teeter, the Company's supermarket subsidiary, that were partially offset by sales declines at American & Efird, the Company's sewing thread and technical textiles subsidiary.
Segment-wise, supermarket subsidiary Harris Teeter sales rose to $984.46 million from $948.78 million, while sewing thread and technical textiles subsidiary American & Efird revenue fell to $63.48 million from $77.71 million last year.
The company was able to reduce its expenses to $263.37 million from $267.02 million in the year-ago period.
For the full-year, Ruddick's profit decreased to $86.0 million from $96.8 million last year. On a per share basis, net income fell to $1.78 from $2.00 last year. Analysts expected full-year earnings per share of $1.89.
This year's results include non-cash charges totaling $9.9 million or $6.1 million after tax benefits related to goodwill and long-lived asset impairments recognized in the third quarter. Of the $9.9 million, $7.7 million is a write-off on goodwill associated with acquisitions made in 1995 and 1996 and $2.2 million a write-down of long-lived assets. Income tax expense for fiscal 2008 included refund claims of $2.4 million associated with A&E's foreign operations.
Full-year consolidated sales increased by 2.1% to $4.08 billion from $3.99 billion in the year-ago period. Analysts expected revenue of $4.07 billion for the year. Foreign sales accounted for approximately 55% of A&E sales in both fiscal 2009 and fiscal 2008.
Segment-wise, Harris Teeter revenue increased to $3.82 billion from $3.66 billion, while American & Efird revenue decreased to $250.81 million from $327.59 million in the year-earlier quarter.
In line with its cost saving initiatives, selling, general and administrative costs as a percent of sales decreased to 25.97% this year, as compared to 26.22% last year.
During fiscal 2010, Harris Teeter plans to open 13 new stores and complete 2 major remodels, resulting in a 6.8% increase in retail square footage as compared to an 8.7% increase in fiscal 2009.
Fiscal 2010 consolidated capital expenditures are expected to be around $155 million; with $150 million for Harris Teeter and $5 million for A&E.
The Company said it remains cautious in its expectations for fiscal 2010 due to the current economic environment and its impact on the company's customers.
RDK stock closed Thursday's regular trading session at $28.29, up $0.72, on the NYSE. After-market hours the shares were trading at $28.27, down $0.02.
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