Stater Bros. Holdings Inc. Announces Increased Sales and Customer Count Increases in the Third Quarter of 2011

SAN BERNARDINO, Calif., Aug. 9, 2011 /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 26, 2011.

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

The Company's consolidated sales in the thirteen weeks ended June 26, 2011 were $939.0 million up $39.0 million or 4.33% from the thirteen weeks ended June 27, 2010 consolidated sales of $900.0 million.  

At $2.751 billion, the Company's supermarket sales for the thirty-nine weeks ended June 26, 2011 were up $45.6 million over the same period of fiscal 2010.

Sales for the thirty-nine weeks were affected by increased customer count of approximately 1.4 million customers.

Like store sales increased 4.33% or $39.0 million for the thirteen weeks ended June 26, 2011 compared to the thirteen weeks ended June 27, 2010.  Like store sales increased 1.68% or $45.6 million for the thirty-nine weeks of fiscal 2011 compared to the same period of the prior year.  

The Company reported net income for the thirteen week third quarter ended June 26, 2011 of $7.1 million compared to net income of $6.0 million for the thirteen week third quarter ended June 27, 2010.  Net income for the thirty-nine week period of fiscal 2011 was $17.1 million compared to $18.7 million for the thirty-nine week period of fiscal 2010.  Fiscal 2010 year-to-date net income included an after-tax gain of $5.6 million from the sale of the Company's dairy assets.

Brown said, "We are pleased with our like-store-sales increase for the quarter and for the year.  Our customer count has increased approximately 1.4 million in fiscal 2011 compared to fiscal 2010 and is due to the loyalty of our customers, many of whose families we have served for over three generations.  

"Our sales and customer count increases indicate that our valued customers appreciate our strategy of 'sharing their pain' by holding our prices as low as we can to help them through these tough economic times.  

"Our debt refinancing in the first part of fiscal 2011, which reduced our overall debt load and reduced the interest rate on our remaining debt, has been very helpful in allowing us to sacrifice margin in the short-term in order to retain our valued customers in the long-term."

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 2010 of $3.6 billion.  The Company currently operates 167 Supermarkets, and there are over 18,000 members of the Stater Bros. Supermarket Family.  

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

STATER BROS. HOLDINGS INC.

Condensed Consolidated Balance Sheets

(In thousands)

Unaudited





09/26/10


06/26/11

Assets





Current assets






Cash and cash equivalents

$           325,005


$           176,909



Restricted cash

3,121


3,121



Receivables, net

35,614


35,243



Inventories

203,702


244,674



Other

56,107


46,279








Total current assets

623,549


506,226








Property and equipment, net

644,064


633,292








Deferred debt issuance costs, net

8,074


11,194


Other

47,100


49,465







Total assets

$        1,322,787


$        1,200,177













Liabilities and stockholder's equity





Current liabilities






Accounts payable

$           135,642


$           145,578



Accrued expenses and other liabilities

147,972


132,647



Current portion of long-term debt

133,812


8,594








Total current liabilities

417,426


286,819








Capital lease obligations, less current portion

2,206


1,276


Long-term debt, less current portion

677,750


675,938


Other long-term liabilities

152,272


160,455








Total stockholder's equity

73,133


75,689







Total liabilities and stockholder's equity

$        1,322,787


$        1,200,177



STATER BROS. HOLDINGS INC.

Condensed Consolidated Statements of Income

(In thousands)

Unaudited












13 Weeks


13 Weeks


39 Weeks


39 Weeks



Ended


Ended


Ended


Ended



06/27/10


06/26/11


06/27/10


06/26/11

Sales

$           900,044


$           939,026


$        2,709,445


$        2,751,460










Gross profit

245,657


251,316


720,252


735,226










Operating expenses:









Selling, general and









   administrative expenses

205,564


216,040


608,870


625,517


Gain on sale of dairy assets

-


-


(9,396)


-


Depreciation and amortization

12,619


11,831


38,073


36,346

Total operating expenses

218,183


227,871


637,547


661,863










Operating profit

27,474


23,445


82,705


73,363










Interest income

27


213


112


688

Interest expense

(16,983)


(11,827)


(51,546)


(45,437)

Other income (expenses), net

17


183


22


93










Income before income taxes

10,535


12,014


31,293


28,707










Income taxes

4,553


4,956


12,633


11,611










Net income

$               5,982


$               7,058


$             18,660


$             17,096



Contact: Phillip J. Smith, Executive Vice President and Chief Financial Officer, +1-909-733-5287

SOURCE Stater Bros. Holdings Inc.



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