Tough Economy Hits Stater Bros. Sales
Economic and competitive pressure took their toll on Stater Bros. last year, driving a 4.23 percent drop in sales for the 2010 fiscal year, to $3.61 billion.
"We continue to face some of the toughest economic and competitive pressures in our company's history,” said Jack Brown, chairman, president, and CEO of Stater Bros. “We continue to focus on the values we can pass on to our customers so they get the most out of their shopping dollars, and assisting them and their families during these difficult times. We still provide a friendly and satisfying experience on each and every one of their visits to our supermarkets. We remain committed to controlling costs as we weather the effect of these economic times."
Sales for the fourth quarter of fiscal 2010 were $897.4 million, down from last year’s $947.2 million. Like store sales for the fiscal year and the fourth quarter of 2010 decreased 2.45 percent and 3.29 percent, respectively.
Stater Bros. reported net income of $24.6 million for its 2010 fiscal, compared to last year’s $34.8 million, and fourth quarter net income was $5.9 million for 2010, up from 2009’s $5 million.
Stater Bros. operates 167 supermarkets in Southern Calif.