Regional US retailer Harris Teeter has reported higher underlying sales for its fiscal first quarter in a set of mixed financial results.
The company saw comparable-store sales increase 2.5% in the quarter ending 1 January.
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The higher underlying sales helped total sales grow 3.7% to US$1.16bn. During the quarter, Harris Teeter also opened three stores, two of which were part of the group of outlets it acquired from Lowe’s Food Stores last June. The two stores were opened under a new banner – 201central.
However, costs related to starting up the ten stores bought from Lowe’s hit operating profit, which fell 12.5% to $40.5m.
Net income was up, growing from $13.7m to $22.8m. Harris Teeter said charges from the sale last year of its industrial thread unit American and Efird hit net income in the first quarter the year before.
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By GlobalData
