Fleming Companies reported earnings from continuing operations of $5.8 million for the fourth quarter of 2002, compared to earnings from continuing operations for the fourth quarter of 2001 of $8.6 million.
The company reported that its fourth quarter results were adversely affected by “a deflationary and promotional retail environment and general softness in the economy affected earnings. Operating expenses were negatively affected by higher employment-related expenses such as pension, healthcare and insurance costs.”
For the full fiscal year 2002, Fleming reported earnings from continuing operations of $40.2 million, compared to earnings from continuing operations for fiscal year 2001 of $9.0 million, which included goodwill amortization of $14.6 million.
Sales from continuing operations for the fourth quarter and full year 2002 were $4.08 billion and $15.50 billion, respectively. This compares to sales from continuing operations for the fourth quarter and full year 2001 of $3.46 billion and $13.23 billion, respectively.
Ruddick Corporation, owner of Harris Teeter, reported that consolidated sales for the 2003 fiscal first quarter ended December 29, 2002 increased by 3.9 percent to $678.4 million from $653.2 million in the first quarter of fiscal 2002. Part of the increase in sales during the quarter was attributable to new Harris Teeter supermarket stores opened since the first quarter of last year. Net income rose 23.3 percent to $13.0 million, from $10.5 million in the prior year's first quarter.
Harris Teeter's sales increased by 3.4 percent to $607.8 million in the first quarter of fiscal 2003 compared to sales of $587.5 million in the first quarter of fiscal 2002. The company’s operating profit of $22.4 million in the first fiscal quarter of 2003 increased 8.8 percent from $20.6 million in the first quarter of 2002.