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Harris Teeter Supermarkets, Inc. Reports Results For The Third Quarter Of Fiscal 2013

Stocks in this article: HTSI

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) (the “Company”) today reported that sales for the third quarter of fiscal 2013 ended July 2, 2013 increased by 2.9% to $1.19 billion from $1.15 billion in the third quarter of fiscal 2012. For the 39 weeks ended July 2, 2013, sales increased by 3.6% to $3.52 billion from $3.39 billion for the comparable period of fiscal 2012. The increase in sales for the quarter and 39-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 1.29% for the quarter, and 2.48% for the 39-week period ended July 2, 2013, from the respective comparable periods of fiscal 2012. Comparable store sales for fiscal 2013 were negatively impacted by the shift of both the Easter and Fourth of July Holidays. Sales for the Easter Holiday were reported in the Company’s second quarter of fiscal 2013, as compared to the third quarter of fiscal 2012; in addition, sales for the day before the Fourth of July Holiday will be reported in the Company’s fourth quarter of fiscal 2013, but was included in the third quarter of fiscal 2012. Management estimates that the negative impact due to the shift in the holiday periods was 70 basis points for the quarter and 13 basis points for the 39 weeks ended July 2, 2013.

During the first nine months of fiscal 2013, the Company opened five new stores, two of which were the stores acquired from Lowe’s Food Stores, Inc. (“Lowes Foods”) 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. Since the end of the third quarter of fiscal 2012, the Company has opened twelve new stores and closed one store that will be replaced with a new store to be opened in fiscal 2014, for a net addition of eleven stores. The Company operated 212 stores as of the end of the third quarter of fiscal 2013.

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