Stater Bros. Holdings, parent company of Stater Bros. Markets, San Bernardino, Calif., said Tuesday sales and earnings increased for its second fiscal quarter and first half, which ended March 30.
Net income for the 13-week quarter rose 65.5% to $19.2 million — partially reflecting its investment in remodels and installation of energy-saving equipment, including doors on all refrigerated cases — while sales increased 0.2% to $963.8 million and like-store sales, excluding a shift in the Easter holiday to this year’s third quarter, climbed 1%.
For the half net income rose 77.7% to $30.2 million, with sales rising 0.9% to $1.95 billion and like-store sales up 1.2%.
Jack Brown, chairman, president and CEO, said the sales growth was due to customers’ positive response to the chain’s low-pricestrategy.
The company also announced it has refinanced its credit agreement — to reduce its interest expense “significantly,” it explained — and signed a new agreement that replaces its previous revolving line of credit, term loan and senior unsecured notes. According the Stater, the new facility includes a $150-milllion line of credit, a $325-million Term Loan A and a $250-million Term Loan B.
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