Exhibit 99.1
301 S. Tippecanoe Avenue San Bernardino, California 92408 | Contact: Phil Smith Stater Bros. Holdings Inc. (909) 733-5287 |
P R E S S R E L E A S E
For Immediate Release
Tuesday, February 10, 2009
For Immediate Release
Tuesday, February 10, 2009
STATER BROS. HOLDINGS INC. ANNOUNCES FIRST QUARTER RESULTS –
SALES AND CUSTOMER COUNT INCREASES OVER SAME PERIOD OF PRIOR YEAR
SALES AND CUSTOMER COUNT INCREASES OVER SAME PERIOD OF PRIOR YEAR
SAN BERNARDINO, CALIFORNIA- February 10, 2009: Today, Jack H. Brown, Chairman, President and Chief Executive Officer of Stater Bros. Holdings Inc. announced financial results for the first quarter of fiscal 2009, which ended December 28, 2008.
Sales for the first quarter of fiscal 2009 increased 1.72% to $959.3 million compared to $943.0 million for the first quarter of fiscal 2008. Like store sales increased 1.40% or $12.7 million for the first quarter of fiscal 2009 compared to the first quarter of fiscal 2008.
The Company reported net income for first quarter of fiscal 2009 of $3.5 million compared to net income of $10.8 million for the first quarter of fiscal 2008.
Brown said, “Our plan is to assist our customers during these very tough economic times...and the plan is working. By holding back on price increases, which affected our profits, we served approximately one million more customers in the first quarter of fiscal 2009 than in the first quarter of fiscal 2008. Our financial performance in the first quarter of fiscal 2009 reflects the overall impact of the current economic downturn. The tough economy has hit our marketing area of the Inland Empire especially hard as we have seen business closures, layoffs and increases in unemployment. The uncertain economic future has caused our customers to tighten their family budgets and we have responded by giving even more value for their shopping dollar while continuing to provide a friendly and satisfying shopping experience on each and every one of their visits to our Supermarkets. We remain committed to controlling costs and keeping our valued customer base as we weather the effect of these economic times.”
Stater Bros. Holdings Inc. is the largest privately held Supermarket Chain in Southern California and operates 165 supermarkets through its wholly owned subsidiary, Stater Bros. Markets.
For information contact: Jack H. Brown, Chairman, President and Chief Executive Officer at (909) 733-5000.
STATER BROS. MARKETS...SERVING SOUTHERN CALIFORNIA FOR OVER 73 GOLDEN YEARS
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STATER BROS. HOLDINGS INC.
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
Condensed Consolidated Balance Sheets
(In thousands)
Unaudited
09/28/08 | 12/28/08 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 144,942 | $ | 122,503 | ||||
Restricted cash | 5,621 | 3,121 | ||||||
Receivables, net | 56,993 | 61,496 | ||||||
Inventories | 233,719 | 242,186 | ||||||
Other | 36,174 | 34,185 | ||||||
Total current assets | 477,449 | 463,491 | ||||||
Property and equipment, net | 732,326 | 735,536 | ||||||
Deferred debt issuance costs, net | 14,478 | 13,675 | ||||||
Other | 52,622 | 54,068 | ||||||
Total assets | $ | 1,276,875 | $ | 1,266,770 | ||||
Liabilities and stockholder’s equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 167,647 | $ | 172,747 | ||||
Accrued expenses and other liabilities | 139,311 | 113,737 | ||||||
Current portion of capital lease obligations | 1,162 | 1,206 | ||||||
Total current liabilities | 308,120 | 287,690 | ||||||
Long-term debt | 810,000 | 810,000 | ||||||
Capital lease obligations, less current portion | 5,124 | 4,805 | ||||||
Other long-term liabilities | 113,125 | 120,228 | ||||||
Total stockholder’s equity | 40,506 | 44,047 | ||||||
Total liabilities and stockholder’s equity | $ | 1,276,875 | $ | 1,266,770 | ||||
STATER BROS. HOLDINGS INC.
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
Condensed Consolidated Statements of Income
(In thousands)
Unaudited
13 Weeks | 13 Weeks | |||||||
Ended | Ended | |||||||
12/30/07 | 12/28/08 | |||||||
Sales | $ | 943,030 | $ | 959,253 | ||||
Gross profit | 244,429 | 246,862 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative expenses | 204,318 | 211,004 | ||||||
Depreciation and amortization | 12,908 | 13,360 | ||||||
Total operating expenses | 217,226 | 224,364 | ||||||
Operating profit | 27,203 | 22,498 | ||||||
Interest income | 2,391 | 205 | ||||||
Interest expense | (13,581 | ) | (17,100 | ) | ||||
Other income, net | 1,875 | 149 | ||||||
Income before income taxes | 17,888 | 5,752 | ||||||
Income taxes | 7,137 | 2,211 | ||||||
Net income | $ | 10,751 | $ | 3,541 | ||||