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Harris Teeter Posts Q3 Sales, Profit Gains

MATTHEWS, N.C. — Harris Teeter Supermarkets here on Thursday said the timing of both the Easter and July 4 holidays impacted its sales for the third quarter, although profits nearly doubled.

The company, which last month agreed to be acquired by Kroger Co., reported net income for the quarter ending July 2 of $31.1 million, vs. $15.8 million in the year-ago period. Operating results for the year-ago period included approximately $22.3 million of impairment losses and other costs associated with the Lowe’s Food Stores acquisition and sale a year ago, and gains of $3.1 million recognized from life insurance proceeds.


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Sales for the third quarter were up 2.9%, to $1.19 billion, and comparable-store sales rose 1.29%. The company said the shift of Easter holiday sales into the second quarter of 2012 and of July 4 holiday sales into the fourth quarter of this year had a negative impact on comps of 70 basis points.

During the first nine months of fiscal 2013, Harris Teeter opened five new stores, two of which were the stores acquired from Lowe’s that were re-opened under a new format and banner — “201central” — and one of which replaced a store previously closed.

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