News

Harris Teeter announces store growth plans

BY Allison Cerra

MATTHEWS, N.C. — Harris Teeter plans to expand its presence in existing markets, the company said in its third-quarter earnings release.

Harris Teeter said its 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. Back in June, the retailer and entered a purchase and sale agreement with regional chain Lowes Foods, through which 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. Next quarter, Harris Teeter said it plans to open a total of seven stores (6-of-the-10 stores acquired from Lowes Foods and one additional store) and complete major remodels on nine stores, five of which will be expanded in size.

Harris Teeter noted that it continues to accelerate its new store growth as the new store development program for fiscal 2012 is expected to result in a 4.5% increase in retail square footage, as compared with a 3.2% increase in fiscal 2011. Looking ahead, the retailer said it plans to open 12 new stores (two of which are replacements), open the three stores acquired from Lowes Foods that are being converted to the new innovative format and complete major remodels on nine stores (three of which will be expanded in size) during fiscal 2013. The new store openings currently are scheduled for three in the first quarter, two in the second quarter, two in the third quarter and eight in the fourth quarter.

Third-quarter sales for Harris Teeter rose 4.6% to $1.15 billion for the period ended July 1, thanks to an increase in comparable-store sales and sales from new stores, partially offset by store closings. Comps for the North Carolina-based retailer rose 3.7% for the quarter.

The Lowes Foods transaction, the company said, impacted its net earnings, which dropped from $32.1 million to $15.8 million for the third quarter of fiscal 2012. The net impact of the Lowes Foods transaction costs and insurance gains reduced earnings from continuing operations after tax in the third quarter of fiscal 2012 by $10.4 million, or 21 cents per diluted share.

At the end of the third quarter, Harris Teeter operated 201 stores.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

News

P&G hosts Olympic icon Peggy Fleming at Walmart ‘Tour of London’ display

BY Antoinette Alexander

AMERICAN CANYON, Calif. — Peggy Fleming, a gold-medal figure skater at the 1968 Winter Olympic Games, signed autographs for customers in the shadow of the 535-ft. “Tour of London” Procter & Gamble product display at Walmart here on Thursday. Fleming’s appearance was on behalf of P&G, a Worldwide Olympic Partner.

As reported by Drug Store News, the “Tour of London” P&G product display features such iconic London landmarks as Big Ben, the London Eye and three red double-decker buses. P&G’s tribute to the 2012 Summer Olympic Games will remain at the American Canyon Walmart through Aug. 10.

To read more on the Tour of London, click here.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

News

Philosys seeks FDA approval for blood-glucose meter

BY Allison Cerra

NEW YORK — Philosys is seeking regulatory approval from the Food and Drug Administration for its blood-glucose monitoring system.

Gmate Smart, which the company calls "the smallest and most innovative meter in the world," is a blood-glucose meter that works with the headphone connector of the iPhone, iPad and iPod.

"We are very excited to be close to FDA approval for our blood glucose monitoring technology and are preparing to bring this capability to the United States," Philosys operations manager Jennifer Kupar said. Gmate Smart is the world’s first ‘true smartphone meter.’ Given the dramatic rise of diabetes in the U.S. and more tech savvy consumers, there is a growing demand for this medical technology that Philosys can meet. Gmate is the perfect solution for diabetics seeking digital solutions to monitor their disease with the push of a button. We look forward to FDA approval of our revolutionary device this year."

Philosys said it expects to receive approval for the meter in third quarter 2012.


Interested in this topic? Sign up for our weekly Collaborative Care e-newsletter.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES