<p style="text-indent:0px; line-height:12px;"><span style="font-weight:bold;">Matthews, NC -</span><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">By ANUK Staff<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">02.01.13</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><img src="https://cdn.andnowuknow.com/legacyWriterImages/harris teeter 2.jpeg" alt="Harris Teeter Reports Images" />Harris Teeter Supermarkets, Inc. has reported its financial results for the first quarter of fiscal 2013. The company has revealed that sales for the period which ended January 1, 2013 increased 3.7% from $1.12 billion in the first quarter of fiscal 2012 to $1.16 billion in the first quarter of fiscal 2012, according to a press release.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">The increase in sales was driven by an increase in comparable store sales of 2.53% and sales from new stores. The increase was only partially offset by store closings. Net earnings for the first quarter of fiscal 2013 were up from $13.7 million to $22.8 million when compared to the first quarter of fiscal 2012. Net earnings for the first quarter of fiscal 2012 were comprised of earnings from continuing operations of $25.8 million and losses from discontinued operations of $12.1 million.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">The Company opened three new stores, during the first quarter of fiscal 2013, two of which were the stores acquired from Lowe’s Food Stores, Inc. and were re-opened under a new format and banner - “201central”.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Thomas W. Dickson, Chairman of the Board and Chief Executive Officer stated, “We continue to focus on driving unit sales and growing our market share. During the first quarter of fiscal 2013, our pricing and promotional strategies were effective in this regard, as evidenced by an increase in the number of active households and number of customer visits we experienced over the prior year. However, aggressive pricing by competitors, low inflation during the period and the generally sluggish retail environment experienced during the holiday season combined to put downward pressure on our gross profit. We believe it is important to continue to drive sales and grow our market share and remain committed to our customers to deliver outstanding values and excellent customer service.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Gross profit in the first quarter of fiscal 2013 increased 2.4% from $326.8 million to $334.7 million. Selling, general and administrative expenses in the first quarter of fiscal 2013 increased by 4.9% from $280.6 million to $294.3 million. Operating profit for the first quarter of fiscal 2013 was down from $46.3 million to $40.5 million.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Operating profit decreased by $3.1 million between the first quarter of fiscal 2012 and the first quarter of fiscal 2013 related to the operations and start-up costs of the ten stores acquired from Lowes Foods and the six stores sold to Lowes Foods.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">The Company’s operating performance and strong financial position provides the flexibility to continue with our store development program for new and replacement stores along with the remodeling and expansion of existing stores.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>Management remains cautious in its expectations for fiscal 2013 due to the current economic climate and its impact on customers. Harris Teeter will continue to refine its merchandising strategies to respond to the changing shopping demands. </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://harristeetersupermarkets.com" target="_new"> Harris Teeter </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
