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Stater Bros. Sales And Customer Counts Increase In The First Quarter Of Fiscal 2014

SAN BERNARDINO, Calif., Feb. 11, 2014 /PRNewswire/ -- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the thirteen week period ended December 29, 2013.

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

The Company's consolidated sales in the thirteen weeks ended December 29, 2013 were $984.0 million up $15.3 million or 1.58% from the thirteen weeks ended December 30, 2012 consolidated sales of $968.7 million.  Like store sales also increased $13.7 million or 1.42% for the thirteen weeks ended December 29, 2013 compared to the thirteen weeks ended December 30, 2012.

Gross profit margins for the thirteen weeks ended December 29, 2013 were 26.28% of sales compared to the thirteen weeks ended December 30, 2012 gross profit margin of 25.88% of sales.

The Company reported net income for the first quarter ended December 29, 2013 of $11.1 million compared to net income of $5.4 million for first quarter of the prior fiscal year.

Brown said, "We are pleased with our sales and customer count growth in the first quarter of fiscal 2014 given the extremely competitive environment in Southern California.  We continue to be the number '1' full service supermarket chain in Southern California.

"We believe  that our sales and customer count growth is 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. 

"During the extended economic downtown, we have sacrificed gross margin by not fully passing on the costs of inflation which has allowed us to keep our prices low for our 'Valued Customers'.  In addition, in order to continue to invest in our customers, we are constantly looking for opportunities where we can reduce our costs in areas such as improving our shrink or product loss, and improving our efficiencies at both our stores and in our distribution facility.  

"Our strategy over the past several years has had a positive impact on our sales growth.  We have been and remain committed to providing low prices, great value and outstanding service to all of our 'Valued Customers'."

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 2013 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 78 YEARS

STATER BROS. HOLDINGS INC.

Condensed Consolidated Balance Sheets

(In thousands)

Unaudited










09/29/13


12/29/13

Assets





Current assets






Cash and cash equivalents

$ 242,818


$ 210,949



Receivables, net

37,493


49,773



Inventories

228,116


258,192



Other

39,876


40,338








Total current assets

548,303


559,252








Property and equipment, net

600,019


597,624








Deferred debt issuance costs, net

6,173


5,628


Other

42,851


45,976







Total assets

$ 1,197,346


$ 1,208,480













Liabilities and stockholder's equity





Current liabilities






Accounts payable

$ 144,214


$ 151,446



Accrued expenses and other liabilities

153,987


152,334



Current portion of long-term debt

25,582


90,503








Total current liabilities

323,783


394,283








Long-term debt, less current portion

608,711


540,000


Capital lease obligations, less current portion

414


291


Other long-term liabilities

150,988


149,400








Total stockholder's equity

113,450


124,506







Total liabilities and stockholder's equity

$ 1,197,346


$ 1,208,480

 

STATER BROS. HOLDINGS INC.

Condensed Consolidated Statements of Income

(In thousands)

Unaudited








13 Weeks


13 Weeks



Ended


Ended



12/30/12


12/29/13

Sales

$ 968,744


$ 984,025






Gross profit

250,729


258,635






Operating expenses:





Selling, general and administrative expenses

220,079


217,138


(Gain) loss on sale of property and equipment

(1,933)


10


Depreciation and amortization

11,683


11,373

Total operating expenses

229,829


228,521






Operating profit

20,900


30,114






Interest income

23


15

Interest expense

(11,809)


(11,486)






Income before income taxes

9,114


18,643






Income taxes

3,665


7,587






Net income

$ 5,449


$ 11,056

 

Contact: Dave Harris
Executive Vice President Finance,
Chief Financial Officer and Principal Accounting Officer
P.O. Box 150, San Bernardino, CA 92402, Phone: (909) 733-5080

SOURCE Stater Bros. Holdings Inc.

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