Save Money in this Sunday's paper

comments

Matthews-based Harris Teeter profits jump in last quarter

Matthews-based Harris Teeter reported Wednesday that its profits for the quarter ending July 2 nearly doubled compared to the same period last year, to $31 million, as sales increased and costs held steady.

The company’s revenue grew 2.9 percent, to $1.19 billion. Sales at stores open for a year or more, considered a key measure of a retailer’s health, rose 1.3 percent.

Harris Teeter is planning to soon be acquired by Cincinnati-based Kroger Co. The merger must be approved by federal regulators and shareholders.

For the most recent quarter, Harris Teeter said its selling, general and administrative expenses costs fell 1.5 percentage points, as the company cycled past costs last year it incurred to purchase Lowes Foods stores.

Harris Teeter is continuing with expansion plans. The company is opening four new stores in the fourth quarter, and reopening two remodeled, expanded stores. Harris Teeter operates 212 stores, concentrated in North Carolina.

Portillo: 704-358-5041 On Twitter @ESPortillo
Hide Comments

This affects comments on all stories.

Cancel OK

The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.

Have a news tip? You can send it to a local news editor; email local@charlotteobserver.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.

  Read more



Hide Comments

This affects comments on all stories.

Cancel OK

The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.

Have a news tip? You can send it to a local news editor; email local@charlotteobserver.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.

  Read more


Quick Job Search
Salary Databases
CharlotteObserver.com