October 31, 2013

Harris Teeter reports rising net sales in fiscal 2013

American supermarket chain Harris Teeter has reported 3.8% rise in net sales to $4.71bn for the 52 weeks, as against $4.54bn in fiscal 2012.

By admin-demo

American supermarket chain Harris Teeter has reported 3.8% rise in net sales to $4.71bn for the 52 weeks, as against $4.54bn in fiscal 2012.

The increase in sales for the year was aided by an increase in comparable store sales and sales from new stores, partially offset by store closings.

Comparable store sales increased by 2.23% for the year ended 1 October 2013.

The chain’s gross profit increased in fiscal 2013 by 4.3% to $1.42bn while operating profit increased by 13.7% to $194.3m.

The company reported net earnings of $107.9m for fiscal 2013, compared to net earnings of $82.5m for fiscal 2012.

During fiscal 2013, the company opened nine new stores, two of which were the stores acquired from Lowe’s Food Stores in 2012 that were re-opened under a new format and banner – ‘201central,’ and one of which replaced a store previously closed, and closed one store that will be replaced with a new store to be opened in fiscal 2014, for a net addition of eight stores.

Harris Teeter chairman and chief executive officer Thomas W. Dickson said on a comparable store basis, the company experienced increased unit sales compared to fiscal 2012 and the store’s brand penetration continues to improve.

"We believe these positive results are attributable to our continuing commitment to our customers to deliver outstanding values and excellent customer service," Dickson added.

For the fourth quarter of fiscal 2013, Harris Teeter sales increased by 4.5% to $1.19bn from $1.14bn in the fourth quarter of fiscal 2012. The chain’s comparable store sales increased by 1.49%.

As of the end of fiscal 2013, the company operated 216 stores.