Operating profit at Harris Teeter for both the fourth quarter and fiscal year of 2011 benefited from reductions in Selling, General and Administrative Expenses as a percentage of sales of 25 basis points and 34 basis points, respectively. Harris Teeter has successfully mitigated the impact of pressures on gross profit margins through continued emphasis on cost controls.Operating profit was impacted by new store pre-opening costs of $7.0 million (0.16% of sales) and $8.4 million (0.20% of sales) in fiscal 2011 and 2010, respectively. Pre-opening costs for the fiscal fourth quarter of 2011 and 2010 were $1.7 million (0.15% of sales) and $1.8 million (0.16% of sales), respectively. New store pre-opening costs fluctuate between reporting periods depending on the new store opening schedule and market location.
Ruddick Corporation Reports Fiscal 2011 Results
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