Stater Bros. Holdings Inc. Announces 2010 Third Quarter Results - Sales Down Slightly 0.61% to $900.0 Million

SAN BERNARDINO, Calif., Aug. 10 /PRNewswire/ -- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc., announced financial results for the thirteen and thirty-nine week periods ended June 27, 2010.

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The Company's consolidated sales in the thirteen weeks ended June 27, 2010 were $900.0 million compared to $928.6 million for the thirteen weeks ended June 28, 2009, down $28.6 million, of which $23.0 million was due to the sale of the Santee Dairies ("Dairy") assets in the first quarter of fiscal 2010.  Supermarket sales for the quarter were down $5.6 million or 0.61% compared to the same period of fiscal 2009.

Consolidated sales for the thirty-nine weeks ended June 27, 2010 were $2.71 billion compared to $2.82 billion for the same period of the prior year, a decline of $109.4 million, of which $72.6 million was due to the sale of the Dairy assets.  Supermarket sales year to date were down $36.8 million or 1.34%.

Like store sales decreased 1.19% or $10.8 million for the thirteen weeks ended June 27, 2010 compared to the thirteen weeks ended June 28, 2009.  Like store sales decreased 2.17% or $59.4 million for the thirty-nine weeks of fiscal 2010 compared to the same period of the prior year.  

The Company reported net income for the thirteen weeks ended June 27, 2010 of $6.0 million compared to net income of $15.1 million for the thirteen weeks ended June 28, 2009.  Net income for the thirty-nine week period of fiscal 2010 was $18.7 million compared to $29.8 million for the thirty-nine week period of fiscal 2009.

Brown said; "Our Valued Customers are living through the toughest economic times that America has faced since the Great Depression.  Unemployment in much of our marketing area is close to 15%.  While we are hopeful for a turnaround in the economy, we believe it will take some time for Southern California's economy to once again be at pre-recession levels.

"The current economic downturn has impacted our customers' family budgets and has made them even more conscious of getting value for their food dollars.  It is our customers' loyalty through the years that has made us successful.  A cornerstone of our business strategy is to retain their loyalty by providing them the best value possible which includes not only being competitive on price, but also providing our customers with unparalleled customer service.  We are sacrificing gross profit in the short term in order to retain our customers in the long term.

"We remain focused on controlling our operating cost while providing our customers with the Hometown service they have come to expect and the low prices they need on each visit to their Stater Bros. Supermarket."

Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 167 Supermarkets through its wholly owned subsidiary, Stater Bros. Markets.  

For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 733-5000.

STATER BROS. MARKETS...SERVING SOUTHERn cALIFORNIA FOR 74 GOLDEN YEARS

SOURCE Stater Bros. Holdings Inc.