Ruddick's supermarket, thread & technical businesses pull up fiscal Q2
04 May '07
3 min read
Harris Teeter sales increased by 12.7% to $805.6 million in the second quarter of fiscal 2007 compared to sales of $715.1 million in the second quarter of fiscal 2006. For the 26 weeks ended April 1, 2007, sales rose 11.9% to $1.60 billion from $1.43 billion in the same period of fiscal 2006.
The increase in sales was attributable to net new store opening activity, partially offset by store closings and divestitures, and comparable store sales increases of 4.87% for the 2007 second fiscal quarter and 4.09% for the 26-week period.
During the first six months of fiscal 2007, Harris Teeter opened 7 new stores, closed 3 older stores and completed the major remodeling of 4 stores, 2 of which were expanded in size. Since the second quarter of fiscal 2006, Harris Teeter has opened 19 new stores, while closing or divesting 9 stores, for a net addition of 10 stores. Harris Teeter operated 156 stores at April 1, 2007.
Operating profit at Harris Teeter increased by 16.9% to $38.2 million for the second quarter of fiscal 2007 as compared to $32.7 million in the prior year period. Operating profit as a percent of sales improved by 18 basis points to 4.75% in the second quarter of fiscal 2007 from 4.57% in the same period last year.
For the 26 weeks ended April 1, 2007 operating profit was $73.7 million, an increase of 11.6% from $66.0 million in the prior year period. For the first six months, operating profit as a percent of sales remained relatively comparable at 4.60% for fiscal 2007 and 4.61% for fiscal 2006.
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