EX-99.1 2 d486209dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

SALES AND CUSTOMER COUNTS UP AT STATER BROS. –

FIRST QUARTER 2013 RESULTS

SAN BERNARDINO, CALIFORNIA (February 12, 2013)-Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the first quarter of fiscal 2013 which ended on December 30, 2012.

The Company’s sales increased 0.83% in the first quarter of fiscal 2013 compared to the same period of the prior year. Like store sales also increased $8.0 million or 0.83% for the thirteen weeks ended December 30, 2012 compared to the thirteen weeks ended December 25, 2011. Consolidated sales in the first quarter of fiscal 2013 were $968.7 million compared to $960.7 million in the first quarter of fiscal 2012.

Customer counts increased over 250,000 in the first quarter of fiscal 2013 compared to the same period of the prior year.

Gross profit margins for the thirteen weeks ended December 30, 2012 were 25.88% of sales compared to the thirteen weeks ended December 25, 2011 gross profit margin of 27.03% of sales.

The Company reported net income for the thirteen week first quarter ended December 30, 2012 of $5.4 million compared to net income for the thirteen week first quarter ended December 25, 2011 of $9.0 million.

Brown said, “The decline in net income was primarily due to a lower gross profit margin in the first quarter of fiscal 2013 compared to the first quarter of fiscal 2012 as a result of our commitment to keep prices low, to the extent possible, to help our ‘Valued Customers’ weather these tough economic times which resulted in increasing our customer counts by 250,000 in the quarter.

“The Company has made a conscious decision to not pass on all of the costs of inflation that we have experienced.

“The unemployment rate in our marketing area of 10.9% continues to be higher than the national average of 7.8% and State of California average of 9.8%.

“Since the beginning of this economic crisis, we have maintained a policy of retaining and growing customer counts by providing value and superior service to our customers. We feel it is important to retain our customers so when the economy does finally turn around they will still be shopping at their local Stater Bros. Supermarket.”

Stater Bros. is the largest privately owned Supermarket Chain in Southern California and the largest private employer in both San Bernardino County and Riverside County, with annual sales in 2012 of $3.9 billion. The Company currently operates 167 Supermarkets, and there are over 18,000 members of the Stater Bros. Supermarket Family.

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

 

     09/30/12      12/30/12  

Assets

     

Current assets

     

Cash and cash equivalents

   $ 219,800       $ 189,018   

Receivables, net

     47,902         49,153   

Inventories

     229,117         254,073   

Other

     46,340         44,107   
  

 

 

    

 

 

 

Total current assets

     543,159         536,351   

Property and equipment, net

     607,504         600,223   

Deferred debt issuance costs, net

     8,397         7,838   

Other

     49,262         51,358   
  

 

 

    

 

 

 

Total assets

   $ 1,208,322       $ 1,195,770   
  

 

 

    

 

 

 

Liabilities and stockholder’s equity

     

Current liabilities

     

Accounts payable

   $ 147,544       $ 153,008   

Accrued expenses and other liabilities

     165,951         146,383   

Current portion of long-term debt

     12,661         14,468   
  

 

 

    

 

 

 

Total current liabilities

     326,156         313,859   

Long-term debt, less current portion

     633,521         629,896   

Capital lease obligations, less current portion

     1,186         897   

Other long-term liabilities

     164,837         168,047   

Total stockholder’s equity

     82,622         83,071   
  

 

 

    

 

 

 

Total liabilities and stockholder’s equity

   $ 1,208,322       $ 1,195,770   
  

 

 

    

 

 

 


STATER BROS. HOLDINGS INC.

Condensed Consolidated Statements of Income

(In thousands)

Unaudited

 

     13 Weeks
Ended
12/25/11
    13 Weeks
Ended
12/30/12
 

Sales

   $ 960,724      $ 968,744   

Gross profit

     259,681        250,729   

Operating expenses:

    

Selling, general and administrative expenses

     221,871        220,079   

Gain on sale of property and equipment

     (639     (1,933

Depreciation and amortization

     11,412        11,683   
  

 

 

   

 

 

 

Total operating expenses

     232,644        229,829   
  

 

 

   

 

 

 

Operating profit

     27,037        20,900   

Interest income

     36        23   

Interest expense

     (11,949     (11,809
  

 

 

   

 

 

 

Income before income taxes

     15,124        9,114   

Income taxes

     6,114        3,665   
  

 

 

   

 

 

 

Net income

   $ 9,010      $ 5,449