Stater Bros. reports Q3 sales rise
SAN BERNARDINO, Calif. — Third-quarter sales for Stater Bros. rose more than $10 million during the period ended June 24, the retailer said Tuesday.
Third-quarter sales increased 1.14% to $949.8 million, compared with $939 million in third quarter 2011. Same-store sales also rose 1.14% during the third quarter. For the 39-week period ended June 24, sales rose 3.51% to $2.8 billion, compared with $96.7 million in the year-ago period. Same-stores sales for the 39-week period also rose 3.51%.
Stater Bros. said its third-quarter net income declined 3.9% to $7.3 million, compared with $7.6 million, while net income for the 39-week period was $32.7 million, an increase of 65% over the same period last year. The company noted that during 39-week period of fiscal 2012, it incurred $10.1 million less in interest expense, compared with the same period of the prior year.
"We have been able to grow our sales and our customer counts in a time of unprecedented economic challenges and a growing competitive environment because our valued customer has responded to our marketing programs," Stater Bros. chairman, president and CEO Jack Brown said. "At the beginning of the economic downturn we realized that our customers would be under tremendous pressure to make ends meet. We decided to do our part by making sure that our customers received value and great customer service on each of their visits to our supermarkets. We have continued to keep prices low, so our customers get great value on their shopping dollars.
"In the first quarter of fiscal 2011, we paid down debt and refinanced a significant portion of our remaining debt which reduced our interest expense," Brown added. "We have also focused on reducing our operating expenses where possible. These savings have made it possible to provide great value to our customers. They have responded by continuing to shop at their local Stater Bros. Market."