Stater Bros. Holdings Inc. Announces Second Quarter 2010 Results

SAN BERNARDINO, Calif., May 11 /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 28, 2010.

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The Company's consolidated sales in the thirteen weeks ended March 28, 2010 were $885.5 million compared to $931.0 million for the thirteen weeks ended March 29, 2009, down $45.5 million of which $24.5 million was due to the sale of the Santee Dairies ("Dairy") assets.  Supermarket sales for the quarter were down $21.0 million or 2.31% for the same period of fiscal 2009.  

Consolidated sales for the twenty-six weeks ended March 28, 2010 were $1.81 billion compared to $1.89 billion for the same period of the prior year a decline of $80.8 million of which $49.6 million was due to the sale of the Dairy assets.  Supermarket sales year to date were down $31.2 million or 1.70%.

Like store sales decreased 3.12% or $28.3 million for the thirteen weeks ended March 28, 2010 compared to the thirteen weeks ended March 29, 2009.  Like store sales decreased 2.65% or $48.6 million for the twenty-six weeks of fiscal 2010 compared to the same period of the prior year.  

The Company reported net income for the thirteen week second quarter ended March 28, 2010 of $6.0 million compared to net income of $11.1 million for the thirteen week second quarter ended March 29, 2009.   Net income for the twenty-six week period of fiscal 2010 was $12.7 million compared to $14.7 million for the twenty-six week period of fiscal 2009.

Brown said; "Our financial results in the quarter and twenty-six weeks of fiscal 2010 have been impacted by the current economic situation.  The family budgets of our customers have been adversely affected by the tough economic environment within Southern California.  Unemployment within much of our marketing area is near 15%.

We have made a conscious effort during these challenging economic times to keep prices low to help our customers get the most out of their shopping dollars and to retain customers.

We will always provide our customers with a friendly and satisfying experience on each and every one of their visits to our supermarkets.  We remain committed to cost control as we navigate through this national economic recovery."

Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 167 supermarkets through its wholly owned subsidiary, Stater Bros. Markets.

For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 733-5000.

STATER BROS. MARKETS...SERVING SOUTHERN CALIFORNIA FOR OVER 74 GOLDEN YEARS

SOURCE Stater Bros. Holdings Inc.