Harris Teeter 2001 Annual Report Download - page 7
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Pages 2.3
Our sales-driven philosophy was complemented by a similar emphasis on improving operating margins.
We instituted several programs to reduce costs and to increase efficiency. For instance, we reduced
employee turnover by providing better training programs for associates, improved incentive programs
and more effective screening of applicants. We reduced shrinkage through improved inventory manage-
ment procedures as well as by increased security and theft prevention policies.
2001 was a difficult year and we are proud of the successes we had and the progress that we made.
But we are certainly not satisfied with our results. We are not finished making the changes and improve-
ments that are needed and we have developed additional initiatives to improve our operating results
and profitability.
We expect that general economic conditions will continue to be difficult for the foreseeable future. But
we will continue to develop new products and technologies to keep our threads competitive from a pric-
ing perspective and superior from a performance standpoint. We are dedicated to increasing sales at our
Harris Teeter stores while improving customer satisfaction and employee productivity.
As we look forward to fiscal 2002, Ruddick Corporation management is cautious in its outlook and con-
servative in its expectations. Considering all the complex factors currently impacting sales and costs at
both our subsidiaries, management believes that in the current economic environment it will be difficult
to realize improvement in earnings from continuing operations for fiscal 2002. However, Ruddick Corpo-
ration remains committed to growing profits and shareholder value over the longer term and we believe
that we have taken and will continue to take prudent and appropriate steps to achieve this objective.
Alan T. Dickson Thomas W. Dickson
Chairman of the Board President
December 14, 2001
Ruddick Corporation & SubsidiariesRuddick Corporation & Subsidiaries Letter to Shareholders