Stater Bros. Holdings Inc. Sales Increases in the Second Quarter of 2012

May 08, 2012, 18:00 ET from Stater Bros. Holdings Inc.

SAN BERNARDINO, Calif., May 8, 2012 /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 25, 2012.

The Company's consolidated sales in the thirteen weeks ended March 25, 2012 were $937.7 million up $24.3 million or 2.66% from the thirteen weeks ended March 27, 2011 consolidated sales of $913.4 million. 

The Company's twenty-six weeks ended March 25, 2012 sales were $1.9 billion up $86.0 million or 4.74% from the twenty-six week prior year sales of $1.8 billion.

Like store sales increased 2.66% for the thirteen weeks ended March 25, 2012 and 4.74% for the twenty-six weeks of fiscal 2012 compared to the same periods of the prior year. 

The Company reported net income for the second quarter ended March 25, 2012 of $16.4 million compared to net income of $9.3 million for second quarter of the prior year.   Net income for the twenty-six week period of fiscal 2012 was $25.4 million compared to $12.2 million for the twenty-six week period of fiscal 2011.

For the twenty-six week period of fiscal 2012, the Company incurred $9.9 million less in interest expense compared to the same period of the prior year.  The Company's reduction in interest expense is due primarily to the pay down of approximately $125.0 million of debt and to the refinancing of much of the remaining outstanding debt to a lower interest rate in the first quarter of fiscal 2011.

Brown said, "During these tough economic times, we made a conscious marketing decision to help our 'Valued Customers' by continuing to provide them with low prices, quality and value on each of their visits to their Stater Bros. Market.  By keeping our prices low, our quality high and providing our customers great customer service, we have retained our valued customers and have grown customer counts even though the economy in our marketing area continues to be challenged.  We continue our company wide expense reduction programs.

"Our refinancing of a significant portion of our debt in the first quarter of fiscal 2011, which allowed us to reduce interest expense, has made it possible for us to use these savings to help ease our customers' financial burden by keeping our prices low even as inflation has increased the cost of many of the items we sell.  Our customers have responded by continuing to shop at their local Stater Bros. Market."

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 2011 of $3.7 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 76 YEARS

Contact: Dave Harris
Senior Vice President Finance
P.O. Box 150 - San Bernardino, CA 92402
Phone: (909) 733-5080

STATER BROS. HOLDINGS INC.

Condensed Consolidated Balance Sheets

(In thousands)

Unaudited







09/25/11

03/25/12

Assets



Current assets




Cash and cash equivalents

$    235,784

$    215,918

Restricted cash

3,121

-

Receivables, net

32,166

35,332

Inventories

231,121

231,773

Other

43,299

46,006





Total current assets

545,491

529,029





Property and equipment, net

625,423

618,564





Deferred debt issuance costs, net

10,690

9,559

Other

51,163

50,805




Total assets

$ 1,232,767

$ 1,207,957










Liabilities and stockholder's equity



Current liabilities




Accounts payable

$    141,030

$    139,510

Accrued expenses and other liabilities

164,527

162,584

Current portion of long-term debt

39,905

11,981





Total current liabilities

345,462

314,075





Long-term debt, less current portion

642,577

637,690

Capital lease obligations, less current portion

1,099

1,651

Other long-term liabilities

162,865

162,104





Total stockholder's equity

80,764

92,437




Total liabilities and stockholder's equity

$ 1,232,767

$ 1,207,957






 

 

STATER BROS. HOLDINGS INC.

Condensed Consolidated Statements of Income

(In thousands)

Unaudited









13 Weeks

13 Weeks

26 Weeks

26 Weeks

Ended

Ended

Ended

Ended

03/27/11

03/25/12

03/27/11

03/25/12

Sales

$ 913,397

$ 937,663

$ 1,812,434

$ 1,898,387







Gross profit

245,137

260,686

483,910

520,367







Operating expenses:







Selling, general and 







    administrative expenses

204,990

209,829

405,846

431,700

Depreciation and amortization

12,071

11,371

24,515

22,783

Total operating expenses

217,061

221,200

430,361

454,483







Operating profit

28,076

39,486

53,549

65,884







Interest income

216

28

475

64

Interest expense

(12,637)

(11,735)

(33,610)

(23,684)

Other income (expenses), net

2

(27)

(90)

612







Income before income taxes

15,657

27,752

20,324

42,876







Income taxes

6,309

11,319

8,135

17,433







Net income

$     9,348

$   16,433

$      12,189

$      25,443







SOURCE Stater Bros. Holdings Inc.