Ahead of its merger with Kroger, Harris Teeter reported higher sales for its fiscal fourth quarter and year ending October 1.
Harris Teeter's sales rose 3.8 percent to $4.71 billion for the year, while its fiscal fourth quarter sales climbed 4.4 percent to $1.19 billion. The company based the sales increases on higher comparative store sales – they rose 2.3 percent for the year – and sales from new stores, which were partially offset by store closings.
In July, Harris Teeter and Cincinnati-based Kroger entered into a definitive merger agreement that will close in the fourth quarter of 2013. "We are pleased with our results for fiscal 2013 and the opportunities ahead of us with the Kroger merger and our recent store acquisitions," Thomas W. Dickson, Harris Teeter's chairman of the board and CEO, said in a company statement, Progressive Grocer reported.
"Our pricing and promotional strategies were effective during fiscal 2013 in driving unit sales and customer visits. On a comparable-store basis, we experienced increased unit sales compared to fiscal 2012 and our store-brand penetration continues to improve," Dickson added.
Harris Teeter's net earnings also rose from $82.5 million in fiscal 2012 to $107.9 million for fiscal 2013.
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This Progressive Grocer article
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