Harris Teeter Q1 income up 67%; nine new stores on tap
Matthews, N.C. -- Harris Teeter Supermarkets Inc. reported that its fiscal first-quarter net income rose nearly 67%. The company earned $22.8 million for the quarter that ended Jan. 1, up from $13.7 million in the same quarter last year. The prior year's results included an $18 million cost to settle some pension liabilities and employee benefits in connection with the sale of its industrial thread manufacturing company.
Harris Teeter's total revenue increased to $1.16 billion from $1.12 billion. Same-store sales rose 2.5%.
Harris Teeter said it plans to open nine new stores during the remainder of its 2013 fiscal year, complete eight major remodels and reopen one store in Washington, D.C. that was damaged by flooding. It operated 211 stores as of Jan. 1.