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Harris Teeter posts strong Q3 results

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Charlotte, N.C. Ruddick Corp., owner of Harris Teeter, reported third-quarter consolidated results on Tuesday.

Consolidated sales for the quarter ended June 28 increased by 1.1% to $1.02 billion. The increase was attributable to sales increases at Harris Teeter, the company said, that were partially offset by sales declines at American & Efird, the company’s sewing thread and technical textiles subsidiary.

Ruddick reported that consolidated net income in the third quarter of fiscal 2009 was $16.5 million, compared with $24.5 million in the year-ago period.

Harris Teeter sales increased by 4.1% to $964.2 million in the third quarter, compared with sales of $926.3 million a year ago.

During the first three quarters of fiscal 2009, Harris Teeter opened 11 new stores, closed one existing store (which was replaced by a new store) and completed the major remodeling of two stores.

Since the third quarter of fiscal 2008, Harris Teeter has opened 14 new stores while closing two stores for a net addition of 12 stores, giving it a total of 186 stores at the end of June.

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