Thursday May 15th, 2014 - 2:56PM
For the 13 weeks ended March 30, Stater Bros. Holdings Inc. posted net earnings of $11.6 million versus $19.2 million in the year-earlier quarter. Second quarter consolidated sales were $963.8 million, up $1.9 million or 0.2% from the 13 weeks ended March 31.
The company stated that Easter holiday increased net sales in the prior-year quarter by $11.3 million. Excluding the Easter effect, like store sales increased $9.5 million, or 1%, versus last year's period.
Jack Brown, Stater Bros. chairman, president and CEO, said, in announcing the financial results, "We are pleased with our sales growth in the second quarter of fiscal 2014 given the extremely competitive environment in Southern California. We continue to be the number one full service supermarket chain in Southern California according to a March 2014 national consumer survey. We believe that our sales growth is due to our 'Valued Customers' positive response to our 'Low Price' marketing strategy of keeping our prices as low as possible during these continued challenging economic times while continuing to provide our customers the service and value they deserve on each of their visits to their local Stater Bros.' supermarket.
"The restructuring of our debt and the related reduction in our interest cost will allow us to continue to invest in our 'Valued Customers' and continue to allow us to not fully pass on the costs of inflation which has allowed us to keep our prices low.
"Our commitment over the past several years has had a positive impact on our sales growth. We have been and remain committed to providing low prices, great value and outstanding service to all of our 'Valued Customers'."
Privately owned Stater Bros. operates 167 supermarkets in Southern California.