Loblaw: Sales Gain Absorbs Strike Effects
its banners experienced sales growth in the second quarter ended June 15, absorbing the effects of a two-week strike in its Saskatchewan superstores, unseasonable weather in Ontario and Quebec as well as the company's intensified lower pricing activity in Quebec. In the 12-week second quarter, Loblaw's sales rose 6.3% to $3.4 billion, same-store sales were up 4.1%, and net income increased 30% to $94.9 million. Earnings per share were 34 cents, compared with 26 cents in last year's second quarter. In the 24-week first half, sales increased 8.3% to $6.5 billion, same-store sales rose 4.8% and net income grew 32.2% to $132.5 million.
Harris Teeter Sales Fall 6% in 3rd Quarter
MATTHEWS, N.C. -- Harris Teeter Supermarkets here, a division of Ruddick Corp., Charlotte, said the divestment of 26 stores in non-core markets in July 2001 resulted in a sales decline for the third quarter and nine months ended June 30. Sales fell 6% to $584.8 million for the quarter and 5.5% to $1.8 billion for the year to date; the company said the decline resulting from the divestment was partially offset by sales from six new stores. Comparable-store sales fell 1.2% in the quarter and 0.2% for the year to date. Ruddick said overall sales fell 5.4% to $666 million for the quarter and 6.5% to $1.98 billion for the nine months. The company said it had net income of $16.5 million for the quarter and $35.7 million for the year to date, compared with losses in the year-ago periods.
