Harris Teeter Sales Pace Ruddick Q3 Earnings Gain

CHARLOTTE, N.C. — Continued strong performance at the Harris Teeter chain — including comparable-store gains driven by increased store traffic — helped parent company Ruddick Corp. post a 15.6% increase in earnings for the third quarter ended June 29, the company said Thursday. Consolidated sales of $3 billion for the quarter increased 10% from the same period last year. Excluding American & Efird, a thread company also owned by Ruddick, Harris Teeter boosted sales by 10.8% to $926.3 million during the quarter. The increase in sales was attributable to new stores and comparable-store sales increases of 1.7%. Comps were negatively impacted by the timing of the Easter and July 4th holidays, which both fell in the third quarter last year. This year, Easter fell in the second quarter, and July 4th results will show in the fourth quarter. Operating profit at Harris Teeter increased by 11.7% to $44.5 million, or 4.81% of sales, up slightly from the 4.77% of sales in the same period last year.

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