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



SOURCE Stater Bros. Holdings Inc.



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