Sales And Customer Counts Up At Stater Bros. -- First Quarter 2013 Results
SAN BERNARDINO, Calif., Feb. 12, 2013 /PRNewswire/ -- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the first quarter of fiscal 2013 which ended on December 30, 2012.
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The Company's sales increased 0.83% in the first quarter of fiscal 2013 compared to the same period of the prior year. Like store sales also increased $8.0 million or 0.83% for the thirteen weeks ended December 30, 2012 compared to the thirteen weeks ended December 25, 2011. Consolidated sales in the first quarter of fiscal 2013 were $968.7 million compared to $960.7 million in the first quarter of fiscal 2012.
Customer counts increased over 250,000 in the first quarter of fiscal 2013 compared to the same period of the prior year.
Gross profit margins for the thirteen weeks ended December 30, 2012 were 25.88% of sales compared to the thirteen weeks ended December 25, 2011 gross profit margin of 27.03% of sales.
The Company reported net income for the thirteen week first quarter ended December 30, 2012 of $5.4 million compared to net income for the thirteen week first quarter ended December 25, 2011 of $9.0 million.
Brown said, "The decline in net income was primarily due to a lower gross profit margin in the first quarter of fiscal 2013 compared to the first quarter of fiscal 2012 as a result of our commitment to keep prices low, to the extent possible, to help our 'Valued Customers' weather these tough economic times which resulted in increasing our customer counts by 250,000 in the quarter.
"The Company has made a conscious decision to not pass on all of the costs of inflation that we have experienced.
"The unemployment rate in our marketing area of 10.9% continues to be higher than the national average of 7.8% and State of California average of 9.8%.
"Since the beginning of this economic crisis, we have maintained a policy of retaining and growing customer counts by providing value and superior service to our customers. We feel it is important to retain our customers so when the economy does finally turn around they will still be shopping at their local Stater Bros. Supermarket."
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 167 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, +1-909-733-5080
| STATER BROS. HOLDINGS INC. |
||||
| Condensed Consolidated Statements of Income |
||||
| (In thousands) |
||||
| Unaudited |
||||
| 13 Weeks |
13 Weeks |
|||
| Ended |
Ended |
|||
| 12/25/11 |
12/30/12 |
|||
| Sales |
$ 960,724 |
$ 968,744 |
||
| Gross profit |
259,681 |
250,729 |
||
| Operating expenses: |
||||
| Selling, general and administrative expenses |
221,871 |
220,079 |
||
| Gain on sale of property and equipment |
(639) |
(1,933) |
||
| Depreciation and amortization |
11,412 |
11,683 |
||
| Total operating expenses |
232,644 |
229,829 |
||
| Operating profit |
27,037 |
20,900 |
||
| Interest income |
36 |
23 |
||
| Interest expense |
(11,949) |
(11,809) |
||
| Income before income taxes |
15,124 |
9,114 |
||
| Income taxes |
6,114 |
3,665 |
||
| Net income |
$ 9,010 |
$ 5,449 |
||
| STATER BROS. HOLDINGS INC. |
|||||
| Condensed Consolidated Balance Sheets |
|||||
| (In thousands) |
|||||
| Unaudited |
|||||
| 09/30/12 |
12/30/12 |
||||
| Assets |
|||||
| Current assets |
|||||
| Cash and cash equivalents |
$ 219,800 |
$ 189,018 |
|||
| Receivables, net |
47,902 |
49,153 |
|||
| Inventories |
229,117 |
254,073 |
|||
| Other |
46,340 |
44,107 |
|||
| Total current assets |
543,159 |
536,351 |
|||
| Property and equipment, net |
607,504 |
600,223 |
|||
| Deferred debt issuance costs, net |
8,397 |
7,838 |
|||
| Other |
49,262 |
51,358 |
|||
| Total assets |
$ 1,208,322 |
$ 1,195,770 |
|||
| Liabilities and stockholder's equity |
|||||
| Current liabilities |
|||||
| Accounts payable |
$ 147,544 |
$ 153,008 |
|||
| Accrued expenses and other liabilities |
165,951 |
146,383 |
|||
| Current portion of long-term debt |
12,661 |
14,468 |
|||
| Total current liabilities |
326,156 |
313,859 |
|||
| Long-term debt, less current portion |
633,521 |
629,896 |
|||
| Capital lease obligations, less current portion |
1,186 |
897 |
|||
| Other long-term liabilities |
164,837 |
168,047 |
|||
| Total stockholder's equity |
82,622 |
83,071 |
|||
| Total liabilities and stockholder's equity |
$ 1,208,322 |
$ 1,195,770 |
|||
SOURCE Stater Bros. Holdings Inc.
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