Harris Teeter 2003 Annual Report Download

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RUDDICK CORPORATION
HARRIS TEETER + AMERICAN & EFIRD
301 S. Tryon Street Suite 1800 Charlotte, NC 28202
704-372-5404 RuddickCorp.com
Ruddick Corporation is a holding company with two wholly-owned operating subsidiaries–
Harris Teeter, a leading regional supermarket chain, and American & Efird, one of the world’s largest
manufacturers and distributors of sewing thread for industrial and consumer markets.
RUDDICK CORPORATION ANNUAL REPORT ’03
HARRIS TEETER + AMERICAN & EFIRD
(dollars in thousands,except per share data) 2003120021200112000 1999
Net Sales $ 2,724,739 $ 2,644,198 $ 2,743,290 $ 2,692,091 $ 2,634,289
Total Operating Profit 102,112 93,802 48,702 99,446 96,548
Net income (loss) 59,882 51,983 (727) 51,002 50,714
Net income (loss) per share
Basic 1.29 1.12 (0.02) 1.10 1.09
Diluted 1.29 1.12 (0.02) 1.10 1.08
Dividend per share 0.36 0.36 0.36 0.36 0.33
Total assets 1,067,203 1,038,947 939,988 1,021,018 970,114
Long-term debt
—
including current portion 189,095 185,892 157,113 227,940 198,961
Shareholders’ equity 495,265 457,688 445,353 473,005 443,683
Book value per share 10.71 9.85 9.61 10.23 9.55
FINANCIAL HIGHLIGHTS
Operating Profit1
IN MILLIONS OF DOLLARS
99 00 01 02
96.5
99.4
48.7
93.8
Shareholders’
Equity
IN MILLIONS OF DOLLARS
Debt as a Percent
of Capital Employed
99 00 01 02
30.70
32.10
25.70
28.50
99 00 01 02
443.7
473.0
445.4
457.7
03
102.1
03
27.30
03
495.3
Sales
IN BILLIONS OF DOLLARS
99 00 01 02
2.63
2.69
2.74
2.64
03
2.72
Dividends per Share
IN DOLLARS
99 00 01 02
0.33
0.36
0.36
0.36
03
0.36
Earnings (Loss)
per Share – Diluted1
IN DOLLARS
99 00 01 02
1.08
1.10
(0.02)
1.12
03
1.29
Net Income (Loss)1
IN MILLIONS OF DOLLARS
99 00 01 02
50.7
51.0
(0.7)
52.0
03
59.9
1 The following charges in fiscal 2003, 2002, and 2001 are included in the financial highlights:
Fiscal 2003: Net pre-tax charges of $580,000 ($360,000 after income tax benefits, or $0.01 per diluted share) related to asset impairments.
Fiscal 2002: Net pre-tax charges of $7,113,000 ($4,394,000 after income tax benefits, or $0.09 per diluted share) related to asset impairments and other exit costs.
Fiscal 2001: Net pre-tax charges of $47,140,000 ($28,655,000 after income tax benefits, or $0.62 per diluted share) related to asset impairments and other exit
costs and $20 million of additional income taxes ($0.43 per diluted share) related to a settlement with the Internal Revenue Service.

Table of contents

  • Page 1
    ...Ruddick Corporation is a holding company with two wholly-owned operating subsidiaries- Harris Teeter, a leading regional supermarket chain, and American & Efird, one of the world's largest manufacturers and distributors of sewing thread for industrial and consumer markets. Earnings (Loss) per Share...

  • Page 2
    ... Public Accountants KPMG LLP Charlotte, NC New York Stock Exchange Listing Common shares symbol: RDK Stock Transfer Agent and Registrar Wachovia Bank, N.A. Charlotte, NC Writing: Strategic Equity Marketing / Charlotte, NC I N F O R M A T I O N Dividends It has been Ruddick's practice to pay...

  • Page 3
    ... fiscal 2003 would be a difficult year for our Harris Teeter supermarket and our American & Efird ("A&E") sewing thread subsidiaries. As we expected, both of our operating companies encountered significant competition and the general economic environment did not begin to show signs of improvement...

  • Page 4
    RUDDICK CORPORATION & SUBSIDIARIES ANNUAL REPORT TWO THOUSAND THREE JOHN WOODLIEF VICE PRESIDENT - FINANCE AND CHIEF FINANCIAL OFFICER FRED J. MORGANTHALL, II PRESIDENT HARRIS TEETER FRED A. JACKSON PRESIDENT AMERICAN & EFIRD Our promotional programs have been one key in establishing consumer ...

  • Page 5
    ... Harris Teeter supermarkets are recognized as among the best in the industry. We carry the best and freshest selection of fresh foods including meat and produce, and our associates are well trained and informed. We believe that we are a leader in the industry for our dedication to customer service...

  • Page 6
    ... those products in our store. They are also trained to be friendly and make our customers feel comfortable. We routinely audit ourselves against our competition to ensure that we consistently deliver superior customer service to each and every customer. During the summer of 2003, Harris Teeter was...

  • Page 7
    Harris Teeter's keys to success are our customer service, quality meats, produce & fresh foods, and consistently providing a higher value. Our attractive stores and well-trained associates guarantee a satisfying shopping experience. 5

  • Page 8
    ... NC. It is a full-service food market that isn't just a good urban design - it's a perfect fit for the center city community it serves. At 18,000 square feet, the footprint for this store is smaller and still offers the same product selection that our customers have come to expect from Harris Teeter...

  • Page 9
    ... they can count on getting the best meat available when they see the "Harris Teeter Rancher®" mark. Harris Teeter Farmers MarketTM provides the same assurance that our customers are getting the highest quality produce, while our prepared foods enable our customers to enjoy gourmet meals at their...

  • Page 10
    ..., publicly traded on the Shanghai Stock Exchange, whose products include home textiles, sewing thread, knitwear and garment fabric. Veken, one of the largest thread companies in China with thread related sales of approximately $34 million in 2002, contributed all of its sewing thread operations to...

  • Page 11
    Opening ceremony for Huamei Thread Company Ltd., A&E's new joint venture in China. The headquarters of the joint venture is in Ningbo City, near Shanghai. 9

  • Page 12
    ...unnoticed. During fiscal 2003, the American Apparel and Footwear Association honored A&E with its first annual "Excellence in Social Responsibility - Preservation of the Environment" award for our global environmental practices. Internationally, our new dye house in Dongguan City, China, received an...

  • Page 13
    A&E is planning to introduce a new digital color communication tool to ANESYST® customers in 2004. Below are two examples of marketing programs that A&E uses to promote our thread globally. 11

  • Page 14
    ...M. Summerlin Assistant Secretary HARRIS TEETER Frederick J. Morganthall, II President Rodney C. Antolock Senior Vice President - Operations & Merchandising Daniel J. Bruni Senior Vice President - IS/ Chief Information Officer C. Douglas Rhodes Senior Vice President - Human Resources Jeff D. Sherman...