Stater Bros. Announces Financial Results for 2011

SAN BERNARDINO, Calif., Dec. 13, 2011 /PRNewswire/ -- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc., announced sales and earnings for the fifty-two week fiscal year ended September 25, 2011.

(Logo:  http://photos.prnewswire.com/prnh/20110131/LA39292LOGO)

Sales for the 2011 fiscal year were $3.7 billion, an increase of 2.4% when compared to sales of $3.6 billion for the 2010 fiscal year.  Sales for the fourth quarter of fiscal 2011 were $941.9 million compared to $897.4 million for the fourth quarter of 2010.  Sales for the quarter increased $44.5 million or 5.0%. Like store sales for the fiscal year and the fourth quarter of 2011 increased 2.5% and 5.0%, respectively.

The Company reported net income of $26.3 million for the 2011 fiscal year compared to $24.6 million in the 2010 fiscal year.  The results for the fourth quarters of fiscal 2011 and fiscal 2010 were net income of $6.5 million and $5.9 million, respectively.

Brown said, "The economy in our marketing area remains challenging, and we continue to focus on the value we can pass on to our 'Valued Customers' to assist them and their families during these difficult times, so they can get the most out of their shopping dollars.  Our 'Valued Customers' deserve a friendly and satisfying experience on each and every one of their visits to our Supermarkets.  It is our mission to control costs where we are able as we weather the effect of these tough economic times."

Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 167 supermarkets through its wholly owned subsidiary, Stater Bros. Markets.

For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 733-5000

STATER BROS ... PROUDLY SERVING SOUTHERN CALIFORNIA FAMILIES FOR 75 YEARS

  

 

 

 

 

 

 

 

 

 

STATER BROS. HOLDINGS INC.

Condensed Consolidated Statements of Income

(In thousands)

Unaudited

 

 

 

 

 

 

 

 

 

 

 

13 Weeks

 

13 Weeks

 

52 Weeks

 

52 Weeks

 

 

Ended

 

Ended

 

Ended

 

Ended

 

 

09/26/10

 

09/25/11

 

09/26/10

 

09/25/11

Sales

 

$ 897,394

 

$ 941,846

 

$ 3,606,839

 

$ 3,693,306

 

 

 

 

 

 

 

 

 

Gross profit

 

249,696

 

255,666

 

969,948

 

990,892

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

    Selling, general and 

 

 

 

 

 

 

 

 

         administrative expenses

 

210,828

 

220,615

 

819,698

 

841,527

    Gain on sale of dairy assets

 

-

 

-

 

(9,396)

 

-

    Depreciation and amortization

 

12,749

 

12,067

 

50,822

 

48,413

Total operating expenses

 

223,577

 

232,682

 

861,124

 

889,940

 

 

 

 

 

 

 

 

 

Operating profit

 

26,119

 

22,984

 

108,824

 

100,952

 

 

 

 

 

 

 

 

 

Interest income

 

254

 

20

 

366

 

708

Interest expense

 

(16,970)

 

(11,859)

 

(68,516)

 

(57,296)

Other income (loss), net

 

475

 

(11)

 

497

 

82

 

 

 

 

 

 

 

 

 

Income before income taxes

 

9,878

 

11,134

 

41,171

 

44,446

 

 

 

 

 

 

 

 

 

Income taxes

 

3,954

 

4,668

 

16,587

 

18,156

 

 

 

 

 

 

 

 

 

Net income

 

$     5,924

 

$     6,466

 

$      24,584

 

$      26,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATER BROS. HOLDINGS INC.

 

 

Condensed Consolidated Balance Sheets

 

 

(In thousands)

 

 

Unaudited

 

 

 

 

 

 

 

 

 

09/26/10

 

09/25/11

 

 

Assets

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

$    325,005

 

$    235,784

 

 

 

Restricted cash

3,121

 

3,121

 

 

 

Receivables, net

35,614

 

32,166

 

 

 

Inventories

203,702

 

231,121

 

 

 

Other

56,107

 

43,299

 

 

 

 

 

Total current assets

623,549

 

545,491

 

 

 

 

 

Property and equipment, net

644,064

 

625,423

 

 

 

 

Deferred debt issuance costs, net

8,074

 

10,690

 

 

 

Other

47,100

 

51,163

 

 

 

Total assets

$ 1,322,787

 

$ 1,232,767

 

 

 

 

Liabilities and stockholder's equity

 

Current liabilities

 

Accounts payable

$    135,642

 

$    141,030

 

 

 

Accrued expenses and other liabilities

147,972

 

164,527

 

 

 

Current portion of capital lease obligations

1,562

 

1,107

 

 

 

Current portion of long-term debt

132,250

 

38,798

 

 

 

 

Total current liabilities

417,426

 

345,462

 

 

 

 

Long-term debt, less current portion

677,750

 

642,577

 

 

 

Capital lease obligations, less current portion

2,206

 

1,099

 

 

 

Other long-term liabilities

152,272

 

162,865

 

 

 

 

Total stockholder's equity

73,133

 

80,764

 

 

 

Total liabilities and stockholder's equity

$ 1,322,787

 

$ 1,232,767

 

 

 

 

 

 

 

 

 

 

SOURCE Stater Bros. Holdings Inc.



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