The loss from discontinued operations in fiscal 2013 resulted from adjustments required to true up the tax benefits realized from the loss on the sale of the Company’s wholly-owned industrial thread manufacturing company American & Efird (“A&E”). The loss from discontinued operations in the third quarter of fiscal 2012 included an income tax expense adjustment of $3.5 million for establishing a reserve against future utilization of tax benefits as a result of the A&E purchase price allocation which re-categorized more of the loss on sale as a capital loss. The pre-tax loss from discontinued operations for the first nine months of fiscal 2012 amounted to $19.0 million and were primarily driven by non-cash charges for the settlement of pension liabilities and other employee benefits in connection with the sale of A&E.Thomas W. Dickson, Chairman of the Board and Chief Executive Officer stated, “We are pleased with our results for the third quarter. Our comparable store sales increase, which was negatively impacted by the shift of both the Easter and Fourth of July Holidays, remained positive despite the fact that we still do not see any meaningful inflation for the current year. In addition, after adjusting for the shift in the holidays, we continue to realize an increase in the number of items sold year-over-year. We believe that our pricing and promotional strategies are effective in driving unit sales while increasing the quarterly gross margin by 32 basis points over the prior year. We remain committed to our customers to deliver outstanding values and excellent customer service.”
Harris Teeter Supermarkets, Inc. Reports Results For The Third Quarter Of Fiscal 2013
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