Harris Teeter 2003 Annual Report Download - page 3

TO OUR SHAREHOLDERS The year ended September 28, 2003 was another challenging but
positive year for Ruddick Corporation. The performance of our company must be evaluated in the context
of the overall economic environment in which our two subsidiaries operate. A year ago, as fiscal 2002 came to
a close and fiscal 2003 began, we expressed our belief that 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 until the end of the year. However,
strategic decisions implemented in recent years have positioned our company to capture additional market
share where possible while meeting evolving customer demand. Given the adverse business
conditions and competitive environment affecting our company, we are pleased with our fiscal
2003 results.
Although the general economic conditions have improved, the competitive environments
that we operate in show no signs of easing. Over the past several years we have had to make
a number of difficult decisions, decisions that although distressing were necessary and
have strengthened our competitive position. We will continue to focus on expanding our
customer base, reducing costs and improving efficiencies.
HARRIS TEETER Continuing to stress our core competencies We have succeeded
in our Harris Teeter supermarket division with targeted, aggressive, promotional
activities. We know our customer, and we are focused on serving that customer. We
consistently provide our customers with a shopping experience that differentiates us
from our competition. Our stores are among the most attractive in the industry, and
our selection and quality of both dry grocery and perishable foods is second to none.
And while we are known for these attributes, our promotional activity and our private
label brands provide the customer with very competitive values.
Our customer service philosophy is instilled in all of our associates because we recognize
that our customers are ultimately the most important drivers of our business. We provide the
best service, selection and quality available, and we realize that our customers also demand
good value, especially in this economic environment.
THOMAS W. DICKSON
PRESIDENT AND CHIEF EXECUTIVE OFFICER
RUDDICK CORPORATION & SUBSIDIARIES ANNUAL REPORT TWO THOUSAND THREE
RUDDICK CORPORATION