Harris Teeter 2001 Annual Report Download - page 12
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opportunities
we’re thinking globally. | In an extremely weak
market, when a number of others in the textile industry are losing money and some are even
declaring bankruptcy, American & Efird is weathering the storm, although at a much reduced
level of profitability. We have initiatives in place to improve our performance – which include
generating savings through cost reduction and consolidation, increasing our presence in foreign
markets and continuing to provide superior service. But given the general economic slowdown,
A&E management expects business conditions for the foreseeable future to remain weak.
2001 was a challenging year for A&E, as
it was for the textile industry as a whole.
Much of what we accomplished this year
does not show up in our results, but
positions the company to compete more
effectively in the rapidly evolving global
economy in the coming years.
We currently face two major challenges
that require all of our skill and management
focus. Both relate to changes in our customer
base, which has been shifting geographically
and functionally. In recent years we have
seen much of our domestic business move
overseas for cost-related reasons. In order
to maintain our competitive position, we
have moved along with our customers.
This shift is epitomized by our new dye-
house, a wholly owned facility, that began
production in southern China during the
first quarter of fiscal year 2002. This project
should solidify our already meaningful posi-
tion in the large and rapidly expanding
Chinese market.
we are maximizing