2014

Stater Bros. Sales And Customers Increase In The Third Quarter Of 2013

SAN BERNARDINO, Calif., Aug. 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 thirty-nine week periods ended June 30, 2013.

The Company's consolidated sales in the thirteen weeks ended June 30, 2013 were $968.8 million up $19.0 million or 2.00% from the thirteen weeks ended June 24, 2012 consolidated sales of $949.8 million.  Prior year's third quarter sales were affected by the Easter Holiday which fell in the third quarter of fiscal 2012 and in the second quarter of fiscal 2013.  Without the impact of the Easter Holiday sales in the third quarter, fiscal 2013 sales increased $29.8 million or 3.18% over the same period of the previous year.

The Company's thirty-nine weeks ended June 30, 2013 sales were $2.9 billion up $51.2 million or 1.80% from the thirty-nine week prior year sales of $2.8 billion.

Like store sales increased 3.18% for the thirteen weeks ended June 30, 2013 and 1.80% for the thirty-nine weeks of fiscal 2013 compared to the same periods of the prior year. 

The Company reported net income for the third quarter ended June 30, 2013 of $10.0 million compared to net income of $7.3 million for third quarter of the prior year.   Net income for the thirty-nine week period of fiscal 2013 was $27.0 million compared to $32.7 million for the thirty-nine week period of fiscal 2012.

Brown said, "We are pleased with both our sales growth and growth in customer counts in the quarter and the thirty-nine weeks of fiscal 2013.

"We believe that these growths are due to our 'Valued Customers'' positive response to our 'Low Price' marketing strategy of keeping our prices as low as possible during these continued challenging economic times while continuing to provide our customers the service and value they deserve on each of their visits to their local Stater Bros. supermarket. 

"At the beginning of the economic downturn, which has had such a negative impact on our customers, I said that we were in this together with them and the way to retain our customers was to share their pain by keeping our prices low, where possible not passing on the effect of inflation, and continuing to provide them with outstanding service.  We have maintained this strategy over the past several years and we continue to see the positive impact on our sales growth.  The reduction in our current year-to-date net income reflects a decrease in gross profit margins.  We have sacrificed gross margin in the current year periods in order to continue to hold our low prices."

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 over 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
Chief Financial Officer
Phone: (909) 733-5080



STATER BROS. HOLDINGS INC.

Condensed Consolidated Balance Sheets

(In thousands)

Unaudited










09/30/12


06/30/13

Assets





Current assets






Cash and cash equivalents

$    219,800


$    228,571



Receivables, net

47,902


36,627



Inventories

229,117


234,428



Other

46,340


42,080








Total current assets

543,159


541,706








Property and equipment, net

607,504


594,372








Deferred debt issuance costs, net

8,397


6,723


Other

49,262


54,063







Total assets

$ 1,208,322


$ 1,196,864













Liabilities and stockholder's equity





Current liabilities






Accounts payable

$    147,544


$    152,403



Accrued expenses and other liabilities

165,951


138,554



Current portion of long-term debt

12,661


11,854








Total current liabilities

326,156


302,811








Long-term debt, less current portion

633,521


622,646


Capital lease obligations, less current portion

1,186


535


Other long-term liabilities

164,837


175,016








Total stockholder's equity

82,622


95,856







Total liabilities and stockholder's equity

$ 1,208,322


$ 1,196,864

 











STATER BROS. HOLDINGS INC.





Condensed Consolidated Statements of Income





(In thousands)





Unaudited
















13 Weeks


13 Weeks


39 Weeks


39 Weeks



Ended


Ended


Ended


Ended



06/24/12


06/30/13


06/24/12


06/30/13

Sales

$ 949,772


$ 968,761


$ 2,848,159


$ 2,899,401










Gross profit

251,222


257,674


771,589


767,175










Operating expenses:









Selling, general and administrative expenses

216,330


218,779


648,032


654,823


Gain on sale of property and equipment

(326)


(611)


(940)


(2,538)


Depreciation and amortization

11,350


11,329


34,133


34,578

Total operating expenses

227,354


229,497


681,225


686,863










Operating profit

23,868


28,177


90,364


80,312










Interest income

25


19


89


63

Interest expense

(11,630)


(11,478)


(35,314)


(35,055)










Income before income taxes

12,263


16,718


55,139


45,320










Income taxes

4,985


6,761


22,418


18,316










Net income

$     7,278


$     9,957


$      32,721


$      27,004

 

SOURCE Stater Bros. Holdings Inc.



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