US regional retailer Harris Teeter, set to be taken over by supermarket giant Kroger, has booked an increase in full-year earnings.
Net profit amounted to US$107.9m in the 12 months ended 1 October. Operating profit climbed 13.7% to $194.3m.
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Sales in the period increased by 3.8% to reach $4.71bn. During fiscal 2013, Harris Teeter opened nine new stores. The company now operates 216 stores, with retail square footage having increased 4.2% in the period.
“We are pleased with our results for fiscal 2013 and the opportunities ahead of us with the Kroger merger and our recent store acquisitions,” said CEO Thomas Dickson. “We believe these positive results are attributable to our continuing commitment to our customers to deliver outstanding values and excellent customer service.”
Harris Teeter agreed to a $2.44bn takeover bid from Kroger in July. The Harris Teeter banner, seen across states in the south east of the US, will remain. The deal is subject to shareholder and regulatory approval.
For our analysis of Kroger’s planned takeover of Harris Teeter, click here.
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