Stater Bros. chairman, president and CEO Jack H. Brown was pleased with the company’s second-quarter performance especially given the challenging environment.
Consolidated sales in the 13 weeks ended March 30 totaled $963.8 million, up $1.9 million (or 0.2%) from the previous year. Sales for the 26 weeks ended March 30, 2014 were $1.95 billion, representing a $17.2 million (or 0.9 %) increase from the same period in the prior year.
Sales in the prior year period were affected by the Easter holiday that fell in second quarter 2013 and third quarter 2014 fiscal year, the company said. Gross profit margins were 27.64% of sales compared to 26.90% of sales for the same period in the prior fiscal year.
"We are pleased with our sales growth in the second quarter of fiscal 2014 given the extremely competitive environment in Southern California," Brown said. "We continue to be the No. 1 full-service supermarket chain in Southern California according to a March 2014 national consumer survey.
On May 12, the company refinanced and signed a new credit agreement, which replaced the company's old revolving line of credit, term loan and senior unsecured notes.
"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," Brown added.