08Feb2012
Sales, Comps and Net All Rise at Stater Bros.
SAN BERNARDINO, Calif., Feb. 7, 2012 /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 2012 ended December 25, 2011.
The Company’s sales increased 6.86% in the first quarter of fiscal 2012 compared to the same period of the prior year. Like store sales also increased 6.86% or $61.7 million for the thirteen weeks ended December 25, 2011 compared to the thirteen weeks ended December 26, 2010. Consolidated sales in the first quarter of fiscal 2012 were $960.7 million compared to $899.0 million in the first quarter of fiscal 2011.
Customer counts increased by over one million for the quarter.
As a result of the Company’s debt refinancing in the first quarter of fiscal 2011 wherein the Company reduced its debt load by approximately $125 million and reduced its overall borrowing rate on outstanding debt, the Company’s interest expense was lower in the first quarter of fiscal 2012 compared the first quarter of fiscal 2011. Interest expense in the first quarter of fiscal 2011 was $19.2 million and included a $3.3 million write-off the unamortized portion of deferred offering costs on its retired debt. Interest expense in the first quarter of fiscal 2012 was $11.9 million a reduction of $7.3 million over the same period of the prior year. In the first quarter of the prior year, the Company also incurred $1.8 million of tender premium expense associated with the early retirement of debt.
The Company reported net income for the thirteen week first quarter ended December 25, 2011 of $9.0 million compared to net income for the thirteen week first quarter ended December 26, 2010 of $2.8 million.
Brown said, “In the first quarter of fiscal 2012, our ‘Valued Customers’ and new customers have continued to respond favorably to our marketing plan of providing them with low prices, quality and value that they experience on each of their visits to our supermarkets.
“During these continuing tough economic times that has had such a negative effect on our customers’ family budgets, we remain committed to providing value so our customers get the most out of their shopping dollars as we help share their financial burden.
“Due to the refinancing of a significant portion of our debt in the first quarter of fiscal 2011, we have reduced interest expense. We have been able to use these savings to provide our ‘Valued Customers’ with the low prices, value and quality they have come to expect from their ‘Neighborhood Hometown’ 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 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
12/25/11
Assets
Current assets
Cash and cash equivalents
$ 235,784
$ 231,337
Restricted cash
3,121
-
Receivables, net
32,166
40,142
Inventories
231,121
260,690
Other
43,299
48,205
Total current assets
545,491
580,374
Property and equipment, net
625,423
623,480
Deferred debt issuance costs, net
10,690
10,124
Other
51,163
54,083
Total assets
$ 1,232,767
$ 1,268,061
Liabilities and stockholder’s equity
Current liabilities
Accounts payable
$ 141,030
$ 167,813
Accrued expenses and other liabilities
164,527
160,383
Current portion of long-term debt
39,905
37,486
Total current liabilities
345,462
365,682
Long-term debt, less current portion
642,577
643,128
Capital lease obligations, less current portion
1,099
1,417
Other long-term liabilities
162,865
173,060
Total stockholder’s equity
80,764
84,774
Total liabilities and stockholder’s equity
$ 1,232,767
$ 1,268,061
STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
13 Weeks
13 Weeks
Ended
Ended
12/26/10
12/25/11
Sales
$ 899,037
$ 960,724
Gross profit
238,773
259,681
Operating expenses:
Selling, general and
administrative expenses
200,856
221,871
Depreciation and amortization
12,444
11,412
Total operating expenses
213,300
233,283
Operating profit
25,473
26,398
Interest income
259
36
Interest expense
(20,973)
(11,949)
Other income (expenses), net
(92)
639
Income before income taxes
4,667
15,124
Income taxes
1,826
6,114
Net income
$ 2,841
$ 9,010
SOURCE Stater Bros. Holdings Inc.
