SAN BERNARDINO, Calif., May 12 /PRNewswire/ -- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the thirteen week second quarter and twenty-six week year-to-date periods ended on March 30, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030421/STATERLOGO)
Sales for the thirteen week second quarter ended March 30, 2008, increased 6.85% to $925.4 million compared to $866.1 million for the thirteen weeks ended March 25, 2007. The timing of Christmas Day resulted in one more sales day in the second quarter of 2008 compared to the second quarter of fiscal 2007. Christmas Day, the only day the Company's stores are closed, fell in first quarter of fiscal 2008 and the second quarter of fiscal 2007. In addition, the Easter holiday fell in the second quarter of fiscal 2008 and in the third quarter of fiscal 2007. After taking into consideration the timing effect of both Christmas Day and the Easter Holiday, like store sales increased 3.7% for the thirteen weeks ended March 30, 2008.
Total sales for the twenty-six weeks ended March 30, 2008, increased $98.0 million or 5.5% and amounted to $1.87 billion compared to $1.77 billion for the same period in fiscal 2007. Year-to-date like store sales increased 3.5% in fiscal 2008 compared to the same period in fiscal 2007.
The Company reported net income of $13.5 million for both of the thirteen week second quarters of fiscal 2008 and fiscal 2007. Net income for the fiscal year-to-date periods amounted to $24.3 million in 2008 and $23.4 million in 2007.
Brown said, "We were pleased with our operating results for the quarter and the first twenty-six weeks of our fiscal year. We have reached a historic milestone as we have completed the transition to our new dry distribution center at the former Norton Air Force Base. By the end of our current fiscal year, we will complete our new refrigerated distribution center, which is the final phase of our distribution consolidation. Our new state-of-the-art distribution center will allow us to better serve our "Valued Customers". We remain committed to being the low price leader while providing a friendly and satisfying shopping experience to our "Valued Customers" on each and every one of their visits to our Supermarkets, especially in these tough economic times."
Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 165 supermarkets through its wholly owned subsidiary, Stater Bros. Markets. Stater Bros. Markets also owns and operates Santee Dairies, manufacturer of quality "Heartland Farms" dairy products.
For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 733-5000.
STATER BROS. MARKETS...SERVING SOUTHERN CALIFORNIA FOR 71 GOLDEN YEARS
STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
09/30/07 03/30/08
Assets
Current assets
Cash and cash equivalents $277,062 $208,356
Restricted cash 8,121 5,621
Receivables, net 46,391 57,162
Inventories 202,073 209,558
Other 34,965 37,458
Total current assets 568,612 518,155
Property and equipment, net 629,644 701,099
Deferred debt issuance costs, net 17,671 16,066
Other 54,351 58,515
Total assets $1,270,278 $1,293,835
Liabilities and stockholder's equity
Current liabilities
Accounts payable $187,978 $186,788
Accrued expenses and other liabilities 142,597 133,572
Current portion of capital lease
obligations 1,008 1,082
Total current liabilities 331,583 321,442
Long-term debt 810,000 810,000
Capital lease obligations, less current
portion 6,285 5,726
Other long-term liabilities 113,131 123,106
Total stockholder's equity 9,279 33,561
Total liabilities and stockholder's equity $1,270,278 $1,293,835
STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
13 Weeks 13 Weeks 26 Weeks 26 Weeks
Ended Ended Ended Ended
03/25/07 03/30/08 03/25/07 03/30/08
Sales $866,062 $925,361 $1,770,416 $1,868,391
Gross profit 249,444 256,278 491,334 500,707
Operating expenses:
Selling, general and
administrative expenses 203,685 208,532 405,486 412,850
Depreciation and
amortization 12,085 13,165 23,969 26,073
Total operating expenses 215,770 221,697 429,455 438,923
Operating profit 33,674 34,581 61,879 61,784
Interest income 2,719 1,622 5,545 4,013
Interest expense (13,749) (14,422) (28,034) (28,003)
Other income (expenses), net 3 865 (168) 2,740
Income before income taxes 22,647 22,646 39,222 40,534
Income taxes 9,187 9,115 15,860 16,252
Net income $13,460 $13,531 $23,362 $24,282
SOURCE Stater Bros. Holdings Inc.
For further information: Jack H. Brown, Chairman, President and Chief Executive Officer, +1-909-733-5000, or Phil Smith, +1-909-733-5287, both of Stater Bros. Holdings Inc.
© PR Newswire
