Harris Teeter Profit Up

CHARLOTTE, N.C. — Ruddick Corp., parent of the Harris Teeter chain, said the chain's operating profit was up 6.3% in its fiscal first quarter, to $35.4 million, but its profit margins were down for the period because of pre-opening costs for new stores.

The company, which has 155 supermarkets, plans to build 16 new units in the rest of 2007, including one replacement store, as it continues to concentrate on growth in northern Virginia.

Operating profit as a percent of sales was 4.45% in the quarter, vs. 4.65% of sales in the year-ago period.

Sales for the 13-week quarter, which ended Dec. 31, increased by 11.2% to $796.3 million, which the company attributed to new-store openings and a comparable-store sales increase of 3.31%.

Total net income at Ruddick, which also operates the American & Efird thread business, was up 8.2% to $18.3 million, on a sales gain of 10.6% to $880.8 million.