SAN BERNARDINO, Calif. — Stater Bros. Holdings here said yesterday the downturn in the economy had a negative impact on sales and earnings for the year and fourth quarter that ended Sept. 28.
Net income for the 13-week quarter fell 30.8% to $7.2 million from last year's 14-week quarter, while sales dropped 5.4% to $940.2 million; adjusted for the extra week, sales were up 1.7% in the quarter and comparable store sales rose 1.1%. Net income for the 52-week fiscal year declined 17.8% to $40.6 million from the 53 weeks in fiscal 2007, while sales rose 1.8% to $3.74 billion, a record level for the company. Adjusted for the extra week, sales were up 3.8% and comps grew 2.4%.
Jack Brown, chairman and chief executive officer, said financial results were affected by the downturn in the economy "and the negative effect the economy has had on the family budgets of our valued customers. We remain committed to controlling costs as we weather the effect of these economic times."
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