EX-99.1 2 exhibit991fiscal2013.htm EX-99.1 Exhibit 99.1 Fiscal 2013

Exhibit 99.1
STATER BROS. ANNOUNCES FISCAL 2013 EARNINGS, 13 WEEKS AND
52 WEEK SALES AND CUSTOMER COUNTS INCREASE

San Bernardino, California (December 17, 2013) - Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced sales and earnings for the year ended September 29, 2013.

The comparison of sales and earnings for fiscal 2013 compared to fiscal 2012 is affected by fiscal 2012 having an extra week of sales for both the fourth quarter and the fiscal year. The fourth quarter of fiscal 2013 was a thirteen week quarter while fiscal 2012 was a fourteen week quarter. The 2013 fiscal year was a 52-week year while 2012 was a 53-week year. The extra week in the prior year added approximately $67.8 million to the prior year’s fourth quarter and fiscal year. Fourth quarter fiscal 2013 sales were $960.4 million an increase of $3.2 million or 0.33% compared to normalized thirteen week 2012 fourth quarter sales. Fiscal 2013 sales were $3.9 billion an increase of $54.4 million or 1.43% over normalized fifty-two week fiscal 2012 sales. Like store sales increased 0.58% in the fourth quarter and 1.53% in fiscal 2013 over the same periods of the prior year.

The Company reported net income of $3.4 million in the fourth quarter of fiscal 2013 and $5.0 million in the fourth quarter of fiscal 2012. Net income was $30.4 million and $37.7 million for fiscal 2013 and fiscal 2012, respectively.

Brown said, “We are pleased with our increase in sales in fiscal 2013. We’ve increased sales and customer counts as our “Valued Customers” have responded favorably to our marketing strategy of keeping our prices low during these continued challenging economic times. During the prolonged economic downturn, we have intentionally sacrificed some gross margin which has affected our current year earnings. Over the past three years, we have reduced our debt by approximately $176.5 million and by December 31, 2013, we will make an additional $13.9 million reduction in our term loan. This has allowed us to lower our interest costs and invest more in our customers. During these times, low prices and value are even more important as our customers continue to face challenges to their home budgets.”


STATER BROS ... PROUDLY SERVING SOUTHERN CALIFORNIA FAMILIES FOR 77 YEARS
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
 
9/30/2012

 
9/29/2013

Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
219,800

 
$
242,818

Receivables, net
47,902

 
37,493

Inventories
229,117

 
228,116

Other
46,340

 
39,876

 
 
 
 
Total current assets
543,159

 
548,303

Property and equipment, net
607,504

 
600,019

Deferred debt issuance costs, net
8,397

 
6,173

Other
49,262

 
42,851

 
 
 
 
Total assets
$
1,208,322

 
$
1,197,346

 
 
 
 
Liabilities and stockholder’s equity
 
 
 
Current liabilities
 
 
 
Accounts payable
$
147,544

 
$
144,214

Accrued expenses and other liabilities
165,951

 
153,987

Current portion of capital lease obligations
1,242

 
772

Current portion of long-term debt
11,419

 
24,810

 
 
 
 
Total current liabilities
326,156

 
323,783

Long-term debt, less current portion
633,521

 
608,711

Capital lease obligations, less current portion
1,186

 
414

Other long-term liabilities
164,837

 
150,988

Total stockholder’s equity
82,622

 
113,450

 
 
 
 
Total liabilities and stockholder’s equity
$
1,208,322

 
$
1,197,346





 
 



STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
 
14 Weeks Ended

 
13 Weeks Ended

 
53 Weeks Ended

 
52 Weeks Ended

 
09/30/12

 
09/29/13

 
09/30/12

 
09/29/13

Sales
$
1,025,044

 
$
960,399

 
$
3,873,203

 
$
3,859,800

Gross profit
268,019

 
252,591

 
1,039,608

 
1,019,766

Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative expenses
234,708

 
224,408

 
882,738

 
879,231

Gain on sale of property and equipment
(38
)
 
(8
)
 
(976
)
 
(2,546
)
Depreciation and amortization
12,370

 
11,365

 
46,503

 
45,943

Total operating expenses
247,040

 
235,765

 
928,265

 
922,628

Operating profit
20,979

 
16,826

 
111,343

 
97,138

Interest income
27

 
17

 
116

 
80

Interest expense
(12,568
)
 
(11,246
)
 
(47,882
)
 
(46,301
)
Income before income taxes
8,438

 
5,597

 
63,577

 
50,917

Income taxes
3,450

 
2,226

 
25,868

 
20,542

Net income
$
4,988

 
$
3,371

 
$
37,709

 
$
30,375