Stater Bros.’ Q2 Sales, Income Hurt by Economy
Stater Bros. Holdings, Inc. this week reported consolidated sales for the 13-week second quarter ended March 28, 2010, of $885.5 million, vs. $931.0 million for the year-ago period, a decline of $45.5 million, of which $24.5 million was attributable to the sale of the company’s Santee Dairies assets. Supermarket sales fell $21.0 million, or 2.31 percent, for the same period of fiscal 2009.
Consolidated sales for the 26 weeks ended March 28 were $1.81 billion compared vs. $1.89 billion for last year, a decline of $80.8 million of which $49.6 million was due to the sale of the dairy assets. Year-to-date supermarket sales declined $31.2 million, or 1.70 percent.
Like-store sales dropped 3.12 percent or $28.3 million for the second quarter, compared last year. Like-store sales decreased 2.65 percent, or $48.6 million for the 26-week week period of fiscal 2010 vs. the year-ago period.
The grocer posted net income for the second quarter of $6.0 million, compared $11.1 million last year. Net income for the 26-week period came to $12.7 million, vs. $14.7 million in the year ago period.
“Our financial results in the quarter and 26 weeks of fiscal 2010 have been impacted by the current economic situation,” noted Stater Bros. chairman, president and CEO Jack H. Brown. “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 percent.”
That being the case, “[w]e 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,” said Brown, adding, “We remain committed to cost control as we navigate through this national economic recovery.”
San Bernardino, Calif.-based Stater Bros. Holdings, Inc., the largest privately held supermarket chain in Southern California, operates 167 supermarkets through its wholly owned subsidiary, Stater Bros. Markets.
Consolidated sales for the 26 weeks ended March 28 were $1.81 billion compared vs. $1.89 billion for last year, a decline of $80.8 million of which $49.6 million was due to the sale of the dairy assets. Year-to-date supermarket sales declined $31.2 million, or 1.70 percent.
Like-store sales dropped 3.12 percent or $28.3 million for the second quarter, compared last year. Like-store sales decreased 2.65 percent, or $48.6 million for the 26-week week period of fiscal 2010 vs. the year-ago period.
The grocer posted net income for the second quarter of $6.0 million, compared $11.1 million last year. Net income for the 26-week period came to $12.7 million, vs. $14.7 million in the year ago period.
“Our financial results in the quarter and 26 weeks of fiscal 2010 have been impacted by the current economic situation,” noted Stater Bros. chairman, president and CEO Jack H. Brown. “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 percent.”
That being the case, “[w]e 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,” said Brown, adding, “We remain committed to cost control as we navigate through this national economic recovery.”
San Bernardino, Calif.-based Stater Bros. Holdings, Inc., the largest privately held supermarket chain in Southern California, operates 167 supermarkets through its wholly owned subsidiary, Stater Bros. Markets.