Q2 sales jump for Harris Teeter
CHARLOTTE, N.C. — Supermarket retailer Harris Teeter experienced a boost in second-quarter sales, as well as sales for the first half of fiscal year 2012, the company said.
Sales for the second quarter ended April 1, sales rose 6.7% to $1.12 billion, compared with the year-ago period, while the 26-week period experienced a sales boost of 7.6% to $2.24 billion, compared with the same period last year.
Harris Teeter said sales during the second quarter and first half of the year were driven by an increase in comparable-store sales and sales from new stores, partially offset by store closings. For instance, second-quarter comps increased more than 3.9% and also rose more than 4.6% during the first half of the year.
Harris Teeter also reported an increase in second-quarter net earnings, rising from $29.9 million in second quarter 2011 to $30.3 million; while net earnings for the 26 weeks ended April 1 totaled $43.9 million, dropping from $68 million in the similar period last year. The company said despite the decline in net earnings during the first half of fiscal year 2012, Harris Teeter’s operating performance and financial position "provides the flexibility to continue with its store development program for new and replacement stores along with the remodeling and expansion of existing stores." The company said plans to continue its 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.
During the first half of fiscal 2012, the company opened three new stores and closed one store. Since the end of the second quarter of fiscal 2011, Harris Teeter opened six new stores and closed two stores, for a net addition of four stores. The company operated 206 stores as of the end of the second quarter of fiscal 2012. Looking ahead, Harris Teeter said it remains cautious in its expectations, but will continue to refine its merchandising strategies to respond to the changing shopping demands.
"We are very pleased with our results for the quarter," Harris Teeter board chairman and CEO Thomas Dickson said. "Our pricing and promotional strategies continue to be effective in driving unit sales, customer visits and increasing market share. Our operating profit margin improvement for the year was driven by the reduction in our selling, general and administrative expense margin realized through the leverage created from the additional sales and our emphasis on cost controls. We believe these positive results are a result of our continuing commitment to our customers to deliver outstanding values and excellent customer service."
Weis reports boost in Q1 net income
SUNBURY, Pa. — Weis Markets experienced a jump in its net income and operating income during the first quarter ended March 31, the retailer said.
First-quarter net income realized a 7.7% gain to $20 million, compared with the year-ago period, while earnings per share rose 5 cents to 74 cents for the quarter. Weis said its net income and operating income increases were prompted by "improved store level efficiencies, increased productivity, disciplined promotions and marketing and a decrease in depreciation expenses resulting when it changed depreciation methods from accelerated to straight line."
Weis also reported that for the 13-week period ended March 31, sales increased 0.3% to $661.6 million, while its comparable-store sales increased 0.9%, compared with the same period last year.
"Our company continues to generate strong earnings increases, as we have over the past three years," Weis’ president and CEO David Hepfinger said. "While our market share remains stable, our first-quarter sales were clearly impacted by our customers’ continuing caution due to the slow pace of the economy’s recovery and to an unusually mild winter."
3M introduces new Natural View screen protectors
ST. PAUL, Minn. — 3M has introduced two Natural View screen protector products.
3M said its Natural View anti-glare screen protectors, now available for purchase in select Target stores, help to enhance the viewing experience on mobile devices when outdoors or in bright light conditions and provide durable protection for smartphone and tablet screens, as well as matte-finish glare reduction for a clear image, while maintaining a smooth-touch feel.
Meanwhile, the Natural View fading screen protectors, available for tablets, help to keep devices clean noticeably longer and enhance the viewing experience on display screens. 3M said the fading screen protectors feature patent-pending Fingerprint Fading technology, which the company said is the first durable, ultra-clear, glossy screen protectors to fade normal fingerprints over time without reducing screen clarity and blurring display images.
3M Natural View anti-glare screen protectors carry a suggested retail price of $19.99. 3M Natural View fading screen protectors carry a suggested retail price of $24.99.