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Harris Teeter Supermarkets, Inc. Reports Results For The Second Quarter Of Fiscal 2012

Stocks in this article: HTSI

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) (the “Company”) today reported that sales for the second quarter of fiscal 2012 ended April 1, 2012 increased by 6.7% to $1.12 billion from $1.05 billion in the second quarter of fiscal 2011. For the 26 weeks ended April 1, 2012, sales increased by 7.6% to $2.24 billion from $2.08 billion for the comparable period of fiscal 2011. The increase in sales for the quarter and 26-week period was driven by an increase in comparable store sales and sales from new stores, partially offset by store closings. Comparable store sales increased by 3.91% for the quarter, and 4.62% for the 26-week period ended April 1, 2012, from the respective comparable periods of fiscal 2011. During the first half of fiscal 2012, the Company opened three new stores and closed one store. Since the end of the second quarter of fiscal 2011, the Company has opened six new stores and closed two stores, for a net addition of four stores. The Company operated 206 stores as of the end of the second quarter of fiscal 2012.

As previously disclosed, the Company sold all of its ownership interest in its wholly-owned industrial thread manufacturing company American & Efird, Inc. (“A&E”) on November 7, 2011. As such, A&E’s results of operations and financial position are reported as discontinued operations.

The Company reported net earnings of $30.3 million for the second quarter of fiscal 2012, compared to net earnings of $29.9 million for the second quarter of fiscal 2011. Net earnings for the second quarter of fiscal 2012 was comprised of earnings from continuing operations of $30.5 million, or $0.62 per diluted share, and a loss from discontinued operations of $0.2 million. Net earnings for the second quarter of fiscal 2011 was comprised of earnings from continuing operations of $26.2 million, or $0.54 per diluted share, and earnings from discontinued operations of $3.7 million.

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