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Jack H. Brown, chairman, president and CEO of Stater Bros. Holdings Inc. announced financial results for the 13-week third quarter and 39 weeks year to date period ended on June 24, 2001.
Sales for the third quarter ended June 24, 2001 increased 5.4% to $639.9 million compared to $607.3 million for the 13 weeks ended June 25, 2000. Total sales for the 39 weeks ended June 24, 2001, increased 3.6% and amounted to $1.877 billion compared to $1.812 billion for the same period in the prior year. Like store sales increased 5.4% and 3.6% for the thirteen-week and thirty-nine week periods ended June 24, 2001, respectively.
Net income for the third quarter amounted to $2.3 million compared to $1.9 million in the prior year. The company reported net income for the 39 weeks ended June 24, 2001 of $5.5 million compared to a loss of $7.2 million for the same period ended June 25, 2000. Prior year's results include an extraordinary gain from the early retirement of bonds in the amount of $1.1 million after tax.
"Our third quarter results reflect the company-wide merchandising effort to offset increased energy costs within the State of California, the continued expanded selection of perishable products, a continued emphasis on private label brand products and the expansion of the Company's general merchandise programs. The sales increases and improving EBITDA are direct results of these efforts. Our management team continues to
stay focused on the future and profitability of each and every operating unit within the Company," Brown said.
Stater Bros. Holdings Inc. is the largest privately held supermarket xhain in Southern California and operates 155 supermarkets through its wholly owned subsidiary, Stater Bros. Markets.