Harris Teeter 2002 Annual Report Download - page 5

We take a long-term approach to managing
your company and we know that our strategies are
sound and our execution is capable.
TOOUR SHAREHOLDERS:
The year ended September 29, 2002, was a very
encouraging one for Ruddick Corporation. Fiscal
2001 was a pivotal year in which management at
Ruddick made a number of strategic decisions; fiscal
2002 was a year that validated these decisions. Both our
Harris Teeter supermarket segment and our American
& Efird industrial thread segment faced adverse
economic conditions, yet Harris Teeter posted record
operating income in fiscal 2002 and A&E achieved
improved operating results as the year progressed.
These improvements did not “just happen.”
Our focus on core markets in our Harris Teeter
segment provided us with strong results in spite
of operating in a difficult environment. Our
increased focus on A&E’s foreign expansion enabled
us to serve our worldwide customer base and allowed
us to participate in the recent improvement in the
textile industry worldwide, despite continuing
difficult conditions on the domestic front.
Now, we enter fiscal 2003 with a year of
accomplishments behind us and with the confidence
that we will continue to build on our achievements.
But we recognize that this will be difficult because the
current economic environment means that 2003
promises to be another very competitive year.
Harris Teeter
American & Efird
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Ruddick Corporation and Subsidiaries
annual report 2002
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