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Stater's Sales, Increased Customers And Reduced Interest Expense Improve Earnings In Fiscal 2012
By: PR Newswire
Dec. 18, 2012 07:09 PM
SAN BERNARDINO, Calif., Dec. 18, 2012 /PRNewswire/ -- Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced sales and earnings for the fifty-three week fiscal year ended September 30, 2012.
The Company's fourth quarter and fiscal 2012 sales are affected by the fourth quarter being a fourteen week quarter and the fiscal year being a fifty-three week year versus a normal thirteen week quarter and fifty-two week year. Fiscal 2012 sales were $3.9 billion. The extra week in fiscal 2012 added $67.8 million or 1.83% to sales. Normalized thirteen week 2012 fourth quarter sales were $957.2 million compared to fourth quarter sales in fiscal 2011 of $941.8 million an increase of $15.4 million. Normalized fifty-two week fiscal 2012 sales were $3.8 billion compared to fiscal 2011 sales of $3.7 billion an increase of $112.1 million. Like store sales increased 1.64% in the fourth quarter and 3.04% in fiscal 2012 over the same periods of the prior year.
The Company reported net income of $5.0 million the fourth quarter of fiscal 2012 and $5.6 million in the fourth quarter of fiscal 2011. Net income was $37.7 million and $26.3 million for fiscal 2012 and fiscal 2011, respectively. The Company's fiscal 2012 net income was favorably benefited by a reduction in pre-tax interest expense of $9.4 million compared to fiscal 2011.
Brown said, "We are pleased with our fiscal 2012 results. We increased sales, increased customers and reduced our interest expense by $9.4 million. Our success in the current year is due to our valued customers responding favorably to our marketing efforts which have emphasized quality and value and has attracted new customers in fiscal 2012. Our results reflect the benefit of our debt refinancing last year which has significantly reduced our interest expense. The reduction in interest expense is just one measure that we've taken to reduce cost which has allowed us to keep prices low to our customers. During these tough economic times, low prices and value are even more important as our customers continue to face challenges to their home budgets."
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, CFO, +1-909-733-5080
SOURCE Stater Bros. Holdings Inc.
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