SAN BERNARDINO, Calif., Feb. 7, 2012 /PRNewswire/ -- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the first quarter of fiscal 2012 ended December 25, 2011.
The Company's sales increased 6.86% in the first quarter of fiscal 2012 compared to the same period of the prior year. Like store sales also increased 6.86% or $61.7 million for the thirteen weeks ended December 25, 2011 compared to the thirteen weeks ended December 26, 2010. Consolidated sales in the first quarter of fiscal 2012 were $960.7 million compared to $899.0 million in the first quarter of fiscal 2011.
Customer counts increased by over one million for the quarter.
As a result of the Company's debt refinancing in the first quarter of fiscal 2011 wherein the Company reduced its debt load by approximately $125 million and reduced its overall borrowing rate on outstanding debt, the Company's interest expense was lower in the first quarter of fiscal 2012 compared the first quarter of fiscal 2011. Interest expense in the first quarter of fiscal 2011 was $19.2 million and included a $3.3 million write-off the unamortized portion of deferred offering costs on its retired debt. Interest expense in the first quarter of fiscal 2012 was $11.9 million a reduction of $7.3 million over the same period of the prior year. In the first quarter of the prior year, the Company also incurred $1.8 million of tender premium expense associated with the early retirement of debt.
The Company reported net income for the thirteen week first quarter ended December 25, 2011 of $9.0 million compared to net income for the thirteen week first quarter ended December 26, 2010 of $2.8 million.
Brown said, "In the first quarter of fiscal 2012, our 'Valued Customers' and new customers have continued to respond favorably to our marketing plan of providing them with low prices, quality and value that they experience on each of their visits to our supermarkets.
"During these continuing tough economic times that has had such a negative effect on our customers' family budgets, we remain committed to providing value so our customers get the most out of their shopping dollars as we help share their financial burden.
"Due to the refinancing of a significant portion of our debt in the first quarter of fiscal 2011, we have reduced interest expense. We have been able to use these savings to provide our 'Valued Customers' with the low prices, value and quality they have come to expect from their 'Neighborhood Hometown' 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 ... PROUDLY SOUTHERN CALIFORNIA FAMILIES FOR 76 YEARS
Contact: Dave Harris
Senior Vice President Finance
P.O. Box 150 San Bernardino, CA 92402
Phone: (909) 733-5080
STATER BROS. HOLDINGS INC.
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STATER BROS. HOLDINGS INC.
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SOURCE Stater Bros. Holdings Inc.