2014

Stater Bros. Holdings Inc. Announce Sales Increases In The Third Quarter Of 2012

SAN BERNARDINO, Calif., Aug. 7, 2012 /PRNewswire/ -- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the thirteen week and thirty-nine week periods ended June 24, 2012.

The Company's consolidated sales in the thirteen weeks ended June 24, 2012 were $949.8 million up $10.8 million or 1.14% from the thirteen weeks ended June 26, 2011 consolidated sales of $939.0 million.  

The Company's thirty-nine weeks ended June 24, 2012 sales were $2.8 billion up $96.7 million or 3.51% from the prior year's thirty-nine week sales.

Like store sales increased 1.14% for the thirteen weeks ended June 24, 2012 and 3.51% for the thirty-nine weeks of fiscal 2012 compared to the same periods of the prior year. 

The Company reported net income for the third quarter ended June 24, 2012 of $7.3 million compared to net income of $7.6 million for third quarter of the prior year.   Net income for the thirty-nine week period of fiscal 2012 was $32.7 million compared to $19.8 million for the thirty-nine week period of fiscal 2011.

For the thirty-nine week period of fiscal 2012, the Company incurred $10.1 million less in interest expense compared to the same period of the prior year.  The Company's reduction in interest expense is due primarily to the pay down of approximately $125.0 million of debt and to the refinancing of much of the remaining outstanding debt to a lower interest rate in the first quarter of fiscal 2011.

Brown said, "We have been able to grow our sales and our customer counts in a time of unprecedented economic challenges and a growing competitive environment because our 'Valued Customer' has responded to our marketing programs.  At the beginning of the economic downturn we realized that our customers would be under tremendous pressure to make ends meet. We decided to do our part by making sure that our customers received value and great customer service on each of their visits to our supermarkets.  We have continued to keep prices low, so our customers get great value on their shopping dollars.

"In the first quarter of fiscal 2011, we paid down debt and refinanced a significant portion of our remaining debt which reduced our interest expense.  We have also focused on reducing our operating expenses where possible.  These savings have made it possible to provide great value to our customers.  They have responded by continuing to shop at their local Stater Bros. Market."

Stater Bros. is the largest privately owned Supermarket Chain in Southern California and the largest private employer in both San Bernardino County and Riverside County, with annual sales in 2011 of $3.7 billion.  The Company currently operates 167 Supermarkets, and there are over 18,000 members of the Stater Bros. Supermarket Family. 

STATER BROS. HOLDINGS INC.

Condensed Consolidated Balance Sheets

(In thousands)

Unaudited










09/25/11


06/24/12

Assets





Current assets






Cash and cash equivalents

$    235,784


$    223,477



Restricted cash

3,121


-



Receivables, net

32,166


34,872



Inventories

231,121


225,425



Other

43,299


45,690








Total current assets

545,491


529,464








Property and equipment, net

625,423


612,524








Deferred debt issuance costs, net

10,690


8,999


Other

51,163


52,663







Total assets

$ 1,232,767


$ 1,203,650













Liabilities and stockholder's equity





Current liabilities






Accounts payable

$    141,030


$    140,398



Accrued expenses and other liabilities

164,527


148,245



Current portion of long-term debt

39,905


13,832








Total current liabilities

345,462


302,475








Long-term debt, less current portion

642,577


634,065


Capital lease obligations, less current portion

1,099


1,349


Other long-term liabilities

162,865


166,046








Total stockholder's equity

80,764


99,715







Total liabilities and stockholder's equity

$ 1,232,767


$ 1,203,650

 

STATER BROS. HOLDINGS INC.

Condensed Consolidated Statements of Income

(In thousands)

Unaudited












13 Weeks


13 Weeks


39 Weeks


39 Weeks



Ended


Ended


Ended


Ended



06/26/11


06/24/12


06/26/11


06/24/12

Sales

$ 939,026


$ 949,772


$ 2,751,460


$ 2,848,159










Gross profit

251,316


251,222


735,226


771,589










Operating expenses:









Selling, general and 









    administrative expenses

215,066


216,330


620,912


648,030


Depreciation and amortization

11,831


11,350


36,346


34,133

Total operating expenses

226,897


227,680


657,258


682,163










Operating profit

24,419


23,542


77,968


89,426










Interest income

213


25


688


89

Interest expense

(11,827)


(11,630)


(45,437)


(35,314)

Other income (expenses), net

183


326


93


938










Income before income taxes

12,988


12,263


33,312


55,139










Income taxes

5,353


4,985


13,488


22,418










Net income

$     7,635


$     7,278


$      19,824


$      32,721

STATER BROS ... PROUDLY SERVING SOUTHERN CALIFORNIA FAMILIES FOR 76 YEARS

Contact: Dave Harris
Senior Vice President Finance
Chief Financial Officer
P.O. Box 150 San Bernardino, CA 92402
Phone: (909) 733-5080

SOURCE Stater Bros. Holdings Inc.



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