These transactions effectively increased prior year net income by $2.4 million or $0.05 per diluted share for the 39-week period of fiscal 2006.
Harris Teeter sales increased by 12.9% to $836.4 million in the third quarter of fiscal 2007 compared to sales of $740.6 million in the third quarter of fiscal 2006. For the 39 weeks ended July 1, 2007, sales rose 12.3% to $2.44 billion from $2.17 billion in the same period of fiscal 2006.
The increase in sales was attributable to net new store opening activity, partially offset by store closings and divestitures, and comparable store sales increases of 5.33% for the 2007 third fiscal quarter and 4.51% for the 39-week period.
During the first nine months of fiscal 2007, Harris Teeter opened 12 new stores, closed 5 older stores and completed the major remodeling of 5 stores, 3 of which were expanded in size. Since the third quarter of fiscal 2006, Harris Teeter has opened 17 new stores while closing or divesting 7 stores for a net addition of 10 stores. The company operated 159 stores at July 1, 2007.
Operating profit at Harris Teeter increased by 26.9% to $39.9 million for the third quarter of fiscal 2007, from $31.4 million in the prior year period. Operating profit as a percent of sales increased 53 basis points to 4.77% in the third quarter of fiscal 2007 from 4.24% in the same period last year.
For the 39 weeks ended July 1, 2007 operating profit was $113.5 million, an increaseof 16.5% when compared to $97.5 million in the prior year period. For the first nine months of fiscal 2007 operating profit as a percent of sales improved by 17 basis points to 4.66% from 4.49% for the same period last year.
marketing@alchempro.com
