CINCINNATI — Kroger is moving ahead with its strategic plan for 2015 by closing and rebranding some of its Harris Teeter stores in Tennessee, according to the Nashville Tennessean.
The four Harris Teeter stores owned and operated by the Kroger Co. in the Nashville, Tenn., area will be closing on or before June 15, the newspaper reports. Three of the stores will re-open, but under the Kroger banner. This is the first time the Kroger Co. has switched banners on a Harris Teeter store.
Earlier this year the Kroger Co. closed another Harris Teeter store in Nashville. Kroger has about 45 stores in the Nashville area.
Last month the Kroger Co. Chairman and CEO Rodney McMullen declared 2014 an “outstanding year” for Kroger. Kroger’s identical store sales increased 6%, excluding fuel, in the fourth quarter ended Jan. 31, while total sales including the benefit of acquired Harris Teeter stores increased 12.9% to $25.2 billion. Net income increased 27.5% to $518 million, or $1.04 a share, compared to $406 million, or 81 cents a share the prior year. Earnings per share exceeded analysts’ consensus estimate by 14 cents.
"2014 was an outstanding year by all measures. Kroger captured more share of the massive food market, delivered on our commitments and invested to grow our business,” McMullen said. “While improved fuel margins contributed to our results in the second half of the year, our core operating performance without fuel shows that our associates are improving our relationship with customers in ways that grow loyalty and generate strong shareholder returns.”
The Kroger Co. operates 2,625 grocery retail stores in 34 states under nearly two dozen banners.
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