Stater Bros. Holdings Inc. Announces Sales and Customer Count Increases in the Second Quarter of 2011
SAN BERNARDINO, Calif., May 10, 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 twenty-six week periods ended March 27, 2011.
The Company's consolidated sales in the thirteen weeks ended March 27, 2011 were $913.4 million up $27.9 million or 3.15% from the thirteen weeks ended March 28, 2010 consolidated sales of $885.5 million.
At $1.81 billion, the Company's twenty-six weeks ended March 27, 2011 supermarket sales were up $6.6 million over the same period of fiscal 2010.
Like store sales increased 3.15% or $27.9 million for the thirteen weeks ended March 27, 2011 compared to the thirteen weeks ended March 28, 2010. Like store sales increased 0.37% or $6.6 million for the twenty-six weeks of fiscal 2011 compared to the same period of the prior year.
The Company reported net income for the thirteen-week second quarter ended March 27, 2011 of $8.8 million compared to net income of $6.0 million for the thirteen-week second quarter ended March 28, 2010. Net income for the twenty-six week period of fiscal 2011 was $10.0 million compared to $12.7 million for the twenty-six 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. Excluding the after-tax gain in fiscal 2010, year-to-date net income for fiscal 2011 increased $2.9 million over net income from the prior year.
Brown said, "These results are due to the dedication of the Stater Bros. 'Family' and the loyalty of our customers many of those whom we have served for over three generations."
"I am especially proud of our increases in the second quarter of nearly one million customers who appreciate our commitment to help their families during these 'tough times' by keeping our low prices and sharing their pain."
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
Contact: Phillip J. Smith, Executive Vice President and Chief Financial Officer, (909) 733-5287
STATER BROS. HOLDINGS INC. |
||||||
Condensed Consolidated Balance Sheets |
||||||
(In thousands) |
||||||
Unaudited |
||||||
09/26/10 |
03/27/11 |
|||||
Assets |
||||||
Current assets |
||||||
Cash and cash equivalents |
$ 325,005 |
$ 172,888 |
||||
Restricted cash |
3,121 |
3,121 |
||||
Receivables, net |
35,614 |
42,549 |
||||
Inventories |
203,702 |
235,608 |
||||
Other |
56,107 |
53,330 |
||||
Total current assets |
623,549 |
507,496 |
||||
Property and equipment, net |
644,064 |
628,173 |
||||
Deferred debt issuance costs, net |
8,074 |
11,729 |
||||
Other |
47,100 |
49,390 |
||||
Total assets |
$ 1,322,787 |
$ 1,196,788 |
||||
Liabilities and stockholder's equity |
||||||
Current liabilities |
||||||
Accounts payable |
$ 135,642 |
$ 139,659 |
||||
Accrued expenses and other liabilities |
147,972 |
141,374 |
||||
Current portion of long-term debt |
133,812 |
8,819 |
||||
Total current liabilities |
417,426 |
289,852 |
||||
Long-term debt, less current portion |
677,750 |
677,750 |
||||
Capital lease obligations, less current portion |
2,206 |
1,449 |
||||
Other long-term liabilities |
152,272 |
159,106 |
||||
Total stockholder's equity |
73,133 |
68,631 |
||||
Total liabilities and stockholder's equity |
$ 1,322,787 |
$ 1,196,788 |
||||
STATER BROS. HOLDINGS INC. |
|||||||||
Condensed Consolidated Statements of Income |
|||||||||
(In thousands) |
|||||||||
Unaudited |
|||||||||
13 Weeks |
13 Weeks |
26 Weeks |
26 Weeks |
||||||
Ended |
Ended |
Ended |
Ended |
||||||
03/28/10 |
03/27/11 |
03/28/10 |
03/27/11 |
||||||
Sales |
$ 885,537 |
$ 913,397 |
$ 1,809,401 |
$ 1,812,434 |
|||||
Gross profit |
236,445 |
245,137 |
474,595 |
483,910 |
|||||
Operating expenses: |
|||||||||
Selling, general and |
|||||||||
administrative expenses |
198,018 |
205,959 |
403,306 |
409,477 |
|||||
Gain on sale of dairy assets |
(1,446) |
- |
(9,396) |
- |
|||||
Depreciation and amortization |
12,788 |
12,071 |
25,454 |
24,515 |
|||||
Total operating expenses |
209,360 |
218,030 |
419,364 |
433,992 |
|||||
Operating profit |
27,085 |
27,107 |
55,231 |
49,918 |
|||||
Interest income |
26 |
216 |
85 |
475 |
|||||
Interest expense |
(17,374) |
(12,637) |
(34,563) |
(33,610) |
|||||
Other income (expenses), net |
16 |
2 |
5 |
(90) |
|||||
Income before income taxes |
9,753 |
14,688 |
20,758 |
16,693 |
|||||
Income taxes |
3,786 |
5,914 |
8,080 |
6,655 |
|||||
Net income |
$ 5,967 |
$ 8,774 |
$ 12,678 |
$ 10,038 |
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SOURCE Stater Bros. Holdings Inc.
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