Corporate selling, general and administrative expenses for the second quarter of fiscal 2006 included a pre-tax charge of $1.5 million related to new Supplemental Executive Retirement Plans approved by the Company's Board of Directors in connection with the retirement of Alan T Dickson and R. Stuart Dickson from their positions as Chairman of the Board of Directors and Chairman of the Executive Committee of the Board of Directors, respectively.
Harris Teeter sales increased by 9.1 percent to $715.1 million in the second quarter of fiscal 2006 compared to sales of $655.4 million in the second quarter of fiscal 2005.
For the 26 weeks ended April 2, 2006, sales rose 9.2 percent to $1.43 billion from $1.31 billion in the same period of fiscal 2005.
The increase in sales was attributable to new store activity, partially offset by store closings and divestitures, and comparable store sales increases of 3.04 percent for the second quarter and 3.64 percent for the 26-week period.
These comparable store sales improvements were achieved despite the timing of the Easter holiday which falls in the third quarter of fiscal 2006, but was included in the second quarter of fiscal 2005.
Operating profit at Harris Teeter increased by 10.9 percent to $32.7 million for the second quarter of fiscal 2006 as compared to $29.5 million in the prior year period. Operating profit as a percent of sales improved by 7 basis points to 4.57 percent in thesecond quarter of fiscal 2006 from 4.50 percent in the same period last year.
Ruddick Corporation is a holding company with two primary operating subsidiaries: Harris Teeter Inc, a regional chain of supermarkets in six southeastern states and American & Efird, Inc, a leading manufacturer and distributor of thread and specialty engineered yarns with global operations.
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