Stater Bros. Holdings Inc. Sales And Customer Counts Increase In The Second Quarter Of 2013

SAN BERNARDINO, Calif., May 13, 2013 /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 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20121101/LA04466LOGO)

The Company's consolidated sales in the thirteen weeks ended March 31, 2013 were $961.9 million up $24.2 million or 2.58% from the thirteen weeks ended March 25, 2012 consolidated sales of $937.7 million.  The Company's twenty-six weeks ended March 31, 2013 sales were $1.93 billion up $32.3 million or 1.70% from the twenty-six week prior year sales of $1.90 billion.  The current thirteen week and twenty-six week periods were affected by the Easter holiday which fell in the second quarter in fiscal 2013 and in the third quarter of fiscal 2012.  The Company estimates that the Easter holiday added approximately $11.3 million to the second quarter and year-to-date sales of fiscal 2013.

Without the effect of the Easter holiday, like store sales increased 1.38% for the thirteen weeks ended March 31, 2013 and like store sales increased 1.10% for the twenty-six weeks of fiscal 2013 compared to the same periods of the prior year. 

The Company reported net income for the second quarter ended March 31, 2013 of $11.6 million compared to net income of $16.4 million for second quarter of the prior year.   Net income for the twenty-six week period of fiscal 2013 was $17.0 million compared to $25.4 million for the twenty-six week period of fiscal 2012.

Brown said, "During these tough economic times, we have made a conscious marketing decision to help our 'Valued Customers' by keeping our prices low while providing them quality and value on each of their visits to their Stater Bros. supermarket.  The reduction in our current year net income reflects a decrease in gross profit margins.  We have sacrificed gross margin in the current year periods in order to maintain and grow customer counts. 

Because we have kept our promise to our customers by keeping our prices low, our quality high and providing our customers great customer service, our customers have responded by continuing to shop at their local Stater Bros. supermarket.  We have retained our valued customers and have grown customer counts even though the economy in our marketing area continues to be challenged."

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 2012 of $3.9 billion.  The Company currently operates 166 Supermarkets, and there are nearly 18,000 members of the Stater Bros. Supermarket Family. 

STATER BROS ... PROUDLY SERVING SOUTHERN CALIFORNIA FAMILIES FOR 77 YEARS

Contact: Dave Harris
Senior Vice President Finance
Phone: (909) 733-5080

 

STATER BROS. HOLDINGS INC.

Condensed Consolidated Balance Sheets

(In thousands)

Unaudited










09/30/12


03/31/13

Assets





Current assets






Cash and cash equivalents

$     219,800


$     236,804



Receivables, net

47,902


47,204



Inventories

229,117


232,188



Other

46,340


44,837








Total current assets

543,159


561,033








Property and equipment, net

607,504


590,771








Deferred debt issuance costs, net

8,397


7,278


Other

49,262


53,507







Total assets

$  1,208,322


$  1,212,589













Liabilities and stockholder's equity





Current liabilities






Accounts payable

$     147,544


$     148,938



Accrued expenses and other liabilities

165,951


152,678



Current portion of long-term debt

12,661


15,660








Total current liabilities

326,156


317,276








Long-term debt, less current portion

633,521


622,646


Capital lease obligations, less current portion

1,186


669


Other long-term liabilities

164,837


177,329








Total stockholder's equity

82,622


94,669







Total liabilities and stockholder's equity

$  1,208,322


$  1,212,589

 

STATER BROS. HOLDINGS INC.

Condensed Consolidated Statements of Income

(In thousands)

Unaudited












13 Weeks


13 Weeks


26 Weeks


26 Weeks



Ended


Ended


Ended


Ended



03/25/12


03/31/13


03/25/12


03/31/13

Sales

$ 937,663


$ 961,896


$ 1,898,387


$ 1,930,640










Gross profit

260,686


258,772


520,367


509,501










Operating expenses:









Selling, general and 









    administrative expenses

209,829


215,965


431,700


436,044


(Gain) loss on sale of property and equipment

27


6


(612)


(1,927)


Depreciation and amortization

11,371


11,566


22,783


23,249

Total operating expenses

221,227


227,537


453,871


457,366










Operating profit

39,459


31,235


66,496


52,135










Interest income

28


21


64


44

Interest expense

(11,735)


(11,768)


(23,684)


(23,577)










Income before income taxes

27,752


19,488


42,876


28,602










Income taxes

11,319


7,890


17,433


11,555










Net income

$   16,433


$   11,598


$      25,443


$      17,047

 

 

 

 

SOURCE Stater Bros. Holdings Inc.



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