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

Operating profit in the third quarter of fiscal 2013 increased by 69.1% to $55.0 million (4.64% of sales) from $32.6 million (2.82% of sales) in the third quarter of fiscal 2012. For the 39 weeks ended July 2, 2013, operating profit increased by 15.6% to $151.8 million (4.32% of sales) from $131.3 million (3.87% of sales) in the comparable period of fiscal 2012.

The Company reported net earnings of $31.1 million for the third quarter of fiscal 2013, compared to net earnings of $15.8 million for the third quarter of fiscal 2012. Net earnings for the third quarter of fiscal 2013 were comprised of earnings from continuing operations of $32.2 million, or $0.65 per diluted share, and a loss from discontinued operations of $1.1 million. Net earnings for the third quarter of fiscal 2012 was comprised of earnings from continuing operations of $20.0 million, or $0.41 per diluted share, and a loss from discontinued operations of $4.2 million.

Net earnings for the 39 weeks ended July 2, 2013 totaled $86.7 million and was comprised of earnings from continuing operations of $87.8 million, or $1.79 per diluted share, and a loss from discontinued operations of $1.1 million. Net earnings for the 39 weeks ended July 1, 2012 totaled $59.7 million and was comprised of earnings from continuing operations of $76.2 million, or $1.55 per diluted share, and a loss from discontinued operations of $16.5 million. In addition to the Lowes Foods Transaction Costs and insurance gains recorded in the third quarter of fiscal 2012 as discussed above, earnings from continuing operations for fiscal 2012 were favorably impacted by a reversal of accrued interest amounting to $1.3 million that was associated with a reduction of the Company’s unrecognized tax liabilities. The net impact of these items reduced earnings from continuing operations after tax during the first nine months of fiscal 2012 by $9.6 million, or $0.20 per diluted share.

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