Harris Teeter Supermarkets, Inc. Reports Fiscal 2012 Results

  Harris Teeter Supermarkets, Inc. Reports Fiscal 2012 Results

Business Wire

MATTHEWS, N.C. -- November 01, 2012

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) (the “Company”) today reported
that sales for the 52 weeks ended October 2, 2012 increased by 5.8% to $4.54
billion from $4.29 billion in fiscal 2011. Sales for the fourth quarter of
fiscal 2012 increased by 3.7% to $1.14 billion from $1.10 billion in the
fourth quarter of fiscal 2011. The increase in sales for the year and quarter
was driven by an increase in comparable store sales and sales from new stores,
partially offset by store closings. Comparable store sales increased by 3.97%
for the year, and 3.01% for the fourth quarter of fiscal 2012, from the
respective comparable periods of fiscal 2011.

During fiscal 2012, the Company closed its previously announced purchase and
sale agreement between the Company’s subsidiary Harris Teeter, Inc. (“Harris
Teeter”) and Lowes Food Stores, Inc. (“Lowes Foods”) (the “Lowes Foods
Transaction”). Per the agreement Harris Teeter acquired ten Lowes Foods store
locations in the central Carolinas region and Lowes Foods acquired six Harris
Teeter store locations in western North Carolina. The majority of the stores
acquired by Harris Teeter were temporarily closed for remodeling, stocking and
training of employees. Six of the acquired stores were re-opened during the
fourth quarter of fiscal 2012. Subsequent to the fiscal year end, two of the
acquired stores were re-opened under a new format and banner - “201central.”
The 201central format features a worldwide variety of wine, beer, specialty
foods and other selected merchandise.

During fiscal 2012, the Company opened thirteen new stores (which includes six
of the stores acquired from Lowes Foods and one replacement for a store closed
in the first quarter) and closed eight stores (comprised of the six stores
sold to Lowes Foods, one replacement that opened in fiscal 2012 and one
replacement which is expected to open in fiscal 2013). In addition, one store
located in the Washington D.C. market has been temporarily closed while the
Company repairs damage caused by flooding that occurred in the third quarter
of fiscal 2012. The Company operated 208 stores as of the end of fiscal 2012
and retail square footage increased by 4.5% in fiscal 2012, as compared to an
increase of 3.2% in fiscal 2011.

As previously disclosed, the Company sold all of its ownership interest in its
wholly-owned industrial thread manufacturing company American & Efird (“A&E”)
on November 7, 2011. As such, A&E’s results of operations and financial
position are reported as discontinued operations.

Gross profit increased in fiscal 2012 by 7.0% to $1.36 billion (29.95% of
sales) from $1.27 billion (29.64% of sales) in fiscal 2011. For the fourth
quarter of fiscal 2012, gross profit increased by 6.0% to $339.8 million
(29.73% of sales) from $320.5 million (29.10% of sales) in the fourth quarter
of fiscal 2011. The LIFO charge for fiscal 2012 was $3.0 million (0.07% of
sales) as compared to $11.1 million (0.26% of sales) for fiscal 2011. During
the fourth quarter of fiscal 2012 the LIFO adjustment was a credit of $4.4
million (0.38% of sales) as compared to a credit of $0.2 million (0.02% of
sales) in the fourth quarter of fiscal 2011. The fiscal 2012 annual inflation
rate moderated toward the end of the year, resulting in lower product cost
inflation than that anticipated by the Company in its quarterly estimates.

Selling, general and administrative (“SG&A”) expenses for fiscal 2012
increased from fiscal 2011 as a result of incremental store growth and its
impact on associated operational costs, and $29.8 million of impairment losses
and other incremental costs associated with the Lowes Foods Transaction. The
increase in SG&A expenses was partially offset by gains of $3.1 million
recognized from life insurance proceeds the Company recorded in the third
quarter of fiscal 2012. On a percent of sales basis, SG&A expenses for fiscal
2012 increased by 76 basis points (of which 66 basis points represented the
Lowes Foods Transaction incremental costs) over fiscal 2011. During the fourth
quarter of fiscal 2012, the Company recorded $7.5 million of Lowes Foods
Transaction incremental costs which represented 65 basis points of the 107
basis points increase in SG&A expenses as a percent to sales from the fourth
quarter of fiscal 2011 to the fourth quarter of fiscal 2012. The Company’s
emphasis on cost controls and improved labor management has been effective in
offsetting a portion of the increases in health and welfare costs, pension
expense and other fringe benefit costs, as well as increased costs associated
with the Company’s store remodeling program.

Operating profit for fiscal 2012 was $171.0 million, comprised of Harris
Teeter operating profit of $178.2 million ($208.0 million, or 4.59% to sales,
without the Lowes Foods Transaction incremental costs) and Corporate operating
losses of $7.2 million (including the $3.1 million gain on life insurance
proceeds). Operating profit in fiscal 2011 was $180.7 million, comprised of
Harris Teeter operating profit of $191.1 million (4.45% of sales) and
Corporate operating losses of $10.4 million.

Operating profit for the fourth quarter of fiscal 2012 was $39.7 million,
comprised of Harris Teeter operating profit of $42.1 million ($49.6 million,
or 4.34% of sales, without the Lowes Foods Transaction incremental costs) and
Corporate operating losses of $2.4 million. Operating profit for the fourth
quarter of fiscal 2011 was $43.0 million, comprised of Harris Teeter operating
profit of $45.0 million (4.09% of sales) and Corporate operating losses of
$2.0 million.

The Company reported net earnings of $82.5 million for fiscal 2012, compared
to net earnings of $91.2 million for fiscal 2011. Net earnings for fiscal 2012
were comprised of earnings from continuing operations of $99.9 million, or
$2.04 per diluted share, and losses from discontinued operations of $17.4
million. The net impact of the Lowes Foods Transaction incremental costs
offset by the insurance gains reduced earnings from continuing operations
after tax in fiscal 2012 by $15.0 million, or $0.31 per diluted share.
Earnings from continuing operations for fiscal 2012 were also favorably
impacted by a reversal of accrued interest amounting to $1.3 million that was
associated with a reduction of the Company’s unrecognized tax positions. Net
earnings for fiscal 2011 were comprised of earnings from continuing operations
of $111.4 million, or $2.28 per diluted share, and losses from discontinued
operations of $20.2 million. Fiscal 2011 earnings from continuing operations
included a pre-tax gain of $19.5 million ($10.3 million after tax or $0.21 per
diluted share) from the sale of the Company’s interest in a foreign
investment.

Net earnings for the fourth quarter of fiscal 2012 totaled $22.8 million and
were comprised of earnings from continuing operations of $23.7 million, or
$0.48 per diluted share and losses from discontinued operations of $0.9
million. The net impact of the Lowes Foods Transaction incremental costs
reduced earnings from continuing operations after tax in the fourth quarter of
fiscal 2012 by $4.5 million, or $0.09 per diluted share. A net loss of $8.9
million was recognized in the fourth quarter of 2011, comprised of earnings
from continuing operations of $24.6 million, or $0.50 per diluted share, and
losses from discontinued operations of $33.5 million.

Pre-tax losses from discontinued operations for fiscal 2012 amounted to $19.5
million, $17.4 million after tax benefits or $0.36 per diluted share. The
fiscal 2012 losses from discontinued operations included $26.3 million of
non-cash charges for the settlement of pension liabilities and other employee
benefits in connection with the sale of A&E. The majority of these charges
resulted from adjustments for the recognition of a pro-rata share of the
pension plan’s accumulated unrecognized net actuarial losses that was
previously included in Accumulated Other Comprehensive Income and the impact
from allocating existing plan assets under pension regulations and was based
on actuarial calculations. The final purchase price allocation and its impact
on income taxes will not be complete until the Company files its tax return in
the third quarter of fiscal 2013. Additional adjustments to taxes or other
costs related to the A&E sale could occur in the future.

Thomas W. Dickson, Chairman of the Board and Chief Executive Officer stated,
“We are pleased with our results for fiscal 2012 and the completion of our
purchase and sale transaction with Lowes Foods. As we reported, the non-cash
impairment charges and additional incremental expenses we incurred in this
transaction reduced the Company’s operating profit by $29.8 million and
decreased the operating margin by 66 basis points in fiscal 2012. Without
these additional costs, our operating profit for fiscal 2012 would have
increased 11.1% and our operating margin would have increased 21 basis points
over fiscal 2011. Our pricing and promotional strategies continue to be
effective in driving unit sales and customer visits. On a comparable store
basis, we continue to experience increased unit sales compared to the prior
year and our store brand penetration continues to improve. We believe these
positive results are attributable to our continuing commitment to our
customers to deliver outstanding values and excellent customer service.”

The Company’s operating performance and strong financial position provides the
flexibility to continue with its store development program for new and
replacement stores along with the remodeling and expansion of existing stores.
Capital expenditures for fiscal 2012 totaled $200 million and are expected to
total approximately $235 million for fiscal 2013. The Company continues to
accelerate its new store growth. The fiscal 2013 capital plan includes 12 new
stores (which includes two replacements and the two store locations acquired
from Lowes Foods that were converted to our 201central format) and nine major
remodels (three of which will be expanded in size). The fiscal 2013 new store
openings are currently scheduled for three in the first quarter, two in the
third quarter and seven in the fourth quarter. In addition, the Company
anticipates re-opening the store in the Washington D.C. market that was closed
to repair damage caused by flooding. The fiscal 2013 store development program
is expected to result in a 5.4% increase in retail square footage, as compared
to a 4.5% increase in fiscal 2012. The Company routinely evaluates its
existing store operations in regards to its overall business strategy and from
time to time will close or divest underperforming stores.

The Company’s capital expenditure plans entail the continued expansion of its
existing markets, including the Washington, D.C. metro market area which
incorporates northern Virginia, the District of Columbia, southern Maryland
and coastal Delaware. Real estate development by its nature is both
unpredictable and subject to external factors including weather, construction
schedules and costs. Any change in the amount and timing of new store
development can impact the expected capital expenditures, sales and operating
results.

The Company’s management remains cautious in its expectations for fiscal 2013
due to the current economic environment and its impact on the Company’s
customers. The Company will continue to refine its merchandising strategies to
respond to the changing shopping demands. The retail grocery market remains
intensely competitive, and any operating improvement will be dependent on the
Company’s ability to increase its market share and to effectively execute the
Company’s strategic expansion plans.

This news release may contain forward-looking statements that involve
uncertainties. A discussion of various important factors that could cause
results to differ materially from those expressed in such forward-looking
statements is shown in reports filed by the Company with the Securities and
Exchange Commission and include: generally adverse economic and industry
conditions; changes in the competitive environment; economic or political
changes; changes in federal, state or local regulations affecting the Company;
the passage of future tax legislation, or any negative regulatory or judicial
position which prevails; management's ability to predict the adequacy of the
Company's liquidity to meet future requirements; volatility of financial and
credit markets which would affect access to capital for the Company; changes
in the Company's expansion plans and their effect on store openings, closings
and other investments; the ability to predict the required contributions to
the Company's pension and other retirement plans; the Company’s requirement to
impair recorded goodwill or other long-lived assets; the cost and availability
of energy and raw materials; the continued solvency of third parties on leases
that the Company guarantees; the Company’s ability to recruit, train and
retain effective employees; changes in labor and employer benefits costs, such
as increased health care and other insurance costs; the Company’s ability to
successfully integrate the operations of acquired businesses; the extent and
speed of successful execution of strategic initiatives; and, unexpected
outcomes of any legal proceedings arising in the normal course of business.
Other factors not identified above could cause actual results to differ
materially from those included, contemplated or implied by the forward-looking
statements made in this news release.

Harris Teeter Supermarkets, Inc. operates a leading regional supermarket chain
in eight states primarily in the southeastern and mid-Atlantic United States,
and the District of Columbia.

Selected information regarding Harris Teeter Supermarkets, Inc. and its
subsidiaries follows. For more information on Harris Teeter Supermarkets,
Inc., visit our web site at: www.harristeeter.com.

Harris Teeter
Supermarkets,                                                                          
Inc.
Consolidated Condensed
Statements of Earnings
(in thousands,
except per
share data)
(unaudited)
                                                                                                         
                13 Weeks Ended                                    52 Weeks Ended
                October 2, 2012          October 2, 2011          October 2, 2012          October 2, 2011
Sales           $ 1,142,793   100.00 %   $ 1,101,488   100.00 %   $ 4,535,414   100.00 %   $ 4,285,565   100.00 %
Cost of Sales    803,009    70.27  %    780,996    70.90  %    3,176,914  70.05  %    3,015,517  70.36  %
Gross Profit      339,784     29.73  %     320,492     29.10  %     1,358,500   29.95  %     1,270,048   29.64  %
                                                                                                         
Selling,
General and
Administrative
Expenses:
Harris Teeter     297,699     26.05  %     275,449     25.01  %     1,180,311   26.02  %     1,078,978   25.18  %
Corporate        2,413      0.21   %    1,991      0.18   %    7,211      0.16   %    10,364     0.24   %
Total            300,112    26.26  %    277,440    25.19  %    1,187,522  26.18  %    1,089,342  25.42  %
                                                                                                         
Operating        39,672     3.47   %    43,052     3.91   %    170,978    3.77   %    180,706    4.22   %
Profit
                                                                                                         
Other Expense
(Income):
Interest          4,395       0.38   %     4,754       0.43   %     16,998      0.37   %     19,116      0.44   %
expense
Interest          (103      ) -0.01  %     (47       ) 0.00   %     (587      ) -0.01  %     (133      ) 0.00   %
income
Net investment   -          0.00   %    -          0.00   %    -          0.00   %    (19,392   ) -0.45  %
gain
Total            4,292      0.38   %    4,707      0.43   %    16,411     0.36   %    (409      ) -0.01  %
                                                                                                         
Earnings From
Continuing
Operations
Before Income     35,380      3.09   %     38,345      3.48   %     154,567     3.41   %     181,115     4.23   %
Taxes
Income Tax       11,686     1.02   %    13,722     1.24   %    54,640     1.21   %    69,657     1.63   %
Expense
Earnings from
Continuing
Operations,
Net of Income    23,694     2.07   %    24,623     2.24   %    99,927     2.20   %    111,458    2.60   %
Taxes
                                                                                                         
(Loss)
Earnings from
Operations of
Discontinued      (436      )              (42,847   )              (19,472   )              (22,672   )
Operations
Income Tax
Expense          444                    (9,335    )             (2,057    )             (2,461    )
(Benefit)
(Loss)
Earnings from
Discontinued
Operations,
Net of Income    (880      )             (33,512   )             (17,415   )             (20,211   )
Taxes
                                                                                                         
Net Earnings    $ 22,814                $ (8,889    )            $ 82,512                $ 91,247    
(Loss)
                                                                                                         
Net Earnings
(Loss) Per
Share - Basic:
Continuing      $ 0.49                   $ 0.51                   $ 2.05                   $ 2.30
Operations
Discontinued    $ (0.02     )            $ (0.69     )            $ (0.36     )            $ (0.42     )
Operations
Total           $ 0.47                   $ (0.18     )            $ 1.69                   $ 1.88
                                                                                                         
Net Earnings
(Loss) Per
Share -
Diluted:
Continuing      $ 0.48                   $ 0.50                   $ 2.04                   $ 2.28
Operations
Discontinued    $ (0.02     )            $ (0.69     )            $ (0.36     )            $ (0.41     )
Operations
Total           $ 0.46                   $ (0.18     )            $ 1.68                   $ 1.87
                                                                                                         
Weighted
Average Number
of Shares of
Common Stock
Outstanding:
Basic             48,790                   48,496                   48,751                   48,469
Diluted           49,110                   48,916                   49,053                   48,852
                                                                                                         
Dividends
Declared Per    $ 0.14                   $ 0.13                   $ 0.55                   $ 0.52
Common Share
                                                                                                         
Effective Tax
Rate on           33.0      %              35.8      %              35.4      %              38.5      %
Continuing
Operations
                                                                                                         

Harris Teeter Supermarkets, Inc.                               
Consolidated Condensed Balance Sheets
(in thousands)
(unaudited)
                                                                 
                                                 October 2,      October 2,
                                                  2012          2011      
Assets
Current Assets:
Cash and Cash Equivalents                        $ 212,211       $ 164,479
Accounts Receivable, Net                           59,267          47,088
Refundable Income Taxes                            27,583          15,055
Inventories                                        305,106         287,137
Deferred Income Taxes                              6,044           1,321
Prepaid Expenses and Other Current Assets          24,182          24,576
Current Assets of Discontinued Operations         -             220,017   
Total Current Assets                               634,393         759,673
                                                                 
Property, Net                                      1,102,703       1,019,468
Investments                                        107,424         112,556
Goodwill                                           19,301          -
Intangible Assets                                  15,039          13,609
Other Long-Term Assets                             73,628          79,118
                                                                
Total Assets                                     $ 1,952,488    $ 1,984,424 
                                                                 
                                                                 
Liabilities and Shareholders' Equity
Current Liabilities:
Current Portion of Long-Term Debt and Capital    $ 4,219         $ 3,902
Lease Obligations
Accounts Payable                                   281,142         252,859
Accrued Compensation                               69,390          63,236
Other Current Liabilities                          96,887          87,805
Current Liabilities of Discontinued Operations    -             71,571    
Total Current Liabilities                          451,638         479,373
                                                                 
Long-Term Debt and Capital Lease Obligations       208,271         283,428
Deferred Income Taxes                              10,941          19,674
Pension Liabilities                                119,883         113,617
Other Long-Term Liabilities                        124,136         113,250
                                                                 
Shareholders' 'Equity:
Common Stock                                       111,347         104,211
Retained Earnings                                  1,039,935       984,535
Accumulated Other Comprehensive Loss               (113,663  )     (100,423  )
Accumulated Other Comprehensive Loss of           -             (19,048   )
Discontinued Operations
Total Shareholders' Equity of Harris Teeter        1,037,619       969,275
Supermarkets, Inc.
Noncontrolling Interest of Discontinued           -             5,807     
Operations
Total Shareholders' Equity                         1,037,619       975,082
                                                                
Total Liabilities and Shareholders' Equity       $ 1,952,488    $ 1,984,424 
                                                                             

Harris Teeter Supermarkets, Inc.                                
Consolidated Condensed Statements of Cash Flows
(in thousands)
(unaudited)
                                                   52 Weeks Ended
                                                   October 2,     October 2,
                                                   2012           2011
Cash Flow From Operating Activities:
Net Earnings                                       $ 82,512       $ 91,247
Losses from Discontinued Operations                  17,415         20,211
Non-Cash Items Included in Net Income
Depreciation and Amortization                        135,542        128,717
Deferred Income Taxes                                1,814          13,684
Net Gain on Sale of Property and Investments         (132     )     (20,162  )
Share-Based Compensation                             7,121          8,073
Other, Net                                           (1,863   )     (1,496   )
Changes in Operating Accounts Providing
(Utilizing) Cash
Accounts Receivable                                  (12,179  )     785
Inventories                                          (17,969  )     (15,112  )
Prepaid Expenses and Other Current Assets            864            3,308
Accounts Payable                                     24,665         37,528
Other Current Liabilities                            (4,513   )     18,449
Other Long-Term Operating Accounts                   (25,980  )     (41,312  )
Net Cash Provided by Operating Activities of        -            28,326   
Discontinued Operations
Net Cash Provided by Operating Activities           207,297      272,246  
                                                                  
Investing Activities:
Capital Expenditures                                 (199,946 )     (147,993 )
Purchase of Other Investments                        (3,448   )     (19,436  )
Business Acquisition                                 (26,296  )     -
Proceeds from Sale of Property and Investments       172,143        65,697
Net Proceeds From (Investments in) Company-Owned     12,486         (1,073   )
Life Insurance
Other, Net                                           (28      )     (627     )
Net Cash Used by Investing Activities of            -            (5,538   )
Discontinued Operations
Net Cash Used by Investing Activities               (45,089  )    (108,970 )
                                                                  
Financing Activities:
Payments on Long-Term Debt and Capital Lease         (83,706  )     (30,910  )
Obligations
Dividends Paid                                       (27,112  )     (25,555  )
Proceeds from Stock Issued                           486            622
Share-Based Compensation Tax Benefits                1,760          908
Shares Effectively Purchased and Retired for         (5,129   )     (2,485   )
Withholding Taxes
Other, Net                                           (775     )     139
Net Cash Used by Financing Activties of             -            (4,698   )
Discontinued Operations
Net Cash Used by Financing Activities               (114,476 )    (61,979  )
                                                                  
Increase in Cash and Cash Equivalents                47,732         101,297
Effect of Foreign Currency Fluctuations on Cash of   -              (107     )
Discontinued Operations
Cash and Cash Equivalents at Beginning of Period     164,479        73,612
                                                                 
Cash and Cash Equivalents at End of Period         $ 212,211     $ 174,802  
                                                                  
Cash and Cash Equivalents of Continuing            $ 212,211      $ 164,479
Operations
Cash and Cash Equivalents of Discontinued            -            $ 10,323
Operations
                                                                  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Cash Paid During the Year for:
Interest, Net of Amounts Capitalized               $ 18,141       $ 19,194
Income Taxes                                         77,824         41,753
Non-Cash Activity:
Assets Acquired Under Capital Leases                 8,866          12,144
Note Received in Connection with Sale of             -              2,855
Investments
                                                                             

Harris Teeter
Supermarkets,                                                              
Inc.
Other
Statistics
(dollars in
thousands)
               13 Weeks Ended                            52 Weeks Ended
               October 2, 2012      October 2, 2011      October 2, 2012       October 2, 2011
               Dollars    Margin    Dollars    Margin    Dollars     Margin    Dollars     Margin
                                                                                           
LIFO Charge    $ (4,364 ) -0.38 %   $ (166   ) -0.02 %   $ 3,024    0.07  %   $ 11,059   0.26  %
(Credit)
                                                                                           
Operating
Profit
Analysis:
Harris Teeter operating
profit without Lowes
Foods
incremental    $ 49,567   4.34  %   $ 45,043   4.09  %   $ 207,999   4.59  %   $ 191,070   4.45  %
transaction
costs
Lowes Foods
incremental      (7,482 ) -0.65 %     -        0.00  %     (29,810 ) -0.66 %     -         0.00  %
transaction
costs
Corporate
operating
loss without
gains
from
insurance        (2,413 ) -0.21 %     (1,991 ) -0.18 %     (10,327 ) -0.23 %     (10,364 ) -0.24 %
proceeds
Gains from
insurance       -       0.00  %    -       0.00  %    3,116    0.07  %    -        0.00  %
proceeds
Consolidated
operating      $ 39,672  3.47  %   $ 43,052  3.91  %   $ 170,978  3.77  %   $ 180,706  4.22  %
profit
                                                                                           
New Store
Pre-Opening
Costs
(excluding
stores
acquired from  $ 1,365   0.12  %   $ 1,673   0.15  %   $ 5,839    0.13  %   $ 7,027    0.16  %
Lowes Foods)
                                                                                           
Pre-opening costs are included with SG&A expenses and consist of rent, labor and associated fringe
benefits, and recruiting and
relocation costs incurred prior
to a new store opening.
                                                                                           
                                    13 Weeks Ended       52 Weeks Ended
                                    October 2, October   October 2,  October
                                               2,                    2,
                                     2012    2011      2012     2011  
Comparable
Store Sales                           3.01   % 5.00  %     3.97    % 3.27  %
Increase
                                                                                           
Comparable
Active                                1.18   % 1.13  %     1.61    % 1.69  %
Household
Increase
                                                                                           
Store Brand
Penetration                           24.74  % 24.58 %     24.26   % 23.95 %
Based on Units
                                                                                           
Store Brand
Penetration                           25.22  % 25.12 %     25.15   % 24.57 %
Based on Sales
                                                                                           
Store Count
Beginning
number of                             201      204         204       199
stores
Opened during                         7        1           13        7
the period
Temporarily
closed during                         -        -           (1      ) -
the period
Closed during                        -       (1    )    (8      ) (2    )
the period
Stores in
operation at                         208     204       208      204   
end of period
                                                                                           
Number of Major Store                 9        4           12        8
Remodels Completed
Number of Expansion                   5        -           6         -
Remodels Included Above
                                                                                           
                                                                                           
Definition of
Comparable
Store Sales:
Comparable store sales are computed using corresponding calendar weeks to account for the
occasional extra week included in a fiscal year.
A new store must be in operation for 14 months before it enters into the calculation of comparable
store sales. A closed store is removed
from the calculation in the month in which its closure is announced. A new store opening within an
approximate two-mile radius of an
existing store that is to be closed upon the new store opening is included as a replacement store
in the comparable store sales measure
as if it were the same store. Sales increases resulting from existing comparable stores that are
expanded in size are included in the
calculations of comparable store sales, if the store remains open during the construction period.
If the location is closed during the
construction period, the sales during the reporting period are removed from the calculation. If
the location is completely rebuilt, it is reported
as a replacement store and included in the same store sales calculation for
the weeks actually open.

Contact:

Harris Teeter Supermarkets, Inc.
John B. Woodlief, 704-844-7516
Executive Vice President
and Chief Financial Officer
 
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