US: Stater Bros. posts profit drop in “tough” economy
Californian retailer Stater Bros. has insisted it was "pleased" with its results for the first three quarters of the year, despite a drop in profit.
Net income for the fiscal year-to-date period to 28 June amounted to US$29.8m, a drop from $33.5m in 2008.
"During these tough economic times, we remain committed to assisting our 'valued customer' by providing them the best possible purchasing value for their shopping dollar and by providing friendly service and a satisfying shopping experience on each and every one of their visits to our supermarkets," said Jack Brown, chairman, president and CEO.
Total sales for the thirty-nine week period, however, increased $17.8m to $2.82bn. Year-to-date like-store sales increased 0.1% compared to the same period in fiscal 2008.
Last month, Stater Bros. named accountancy veteran Dave Harris as its vice president of finance.
Californian retailer Stater Bros. booked a drop in full-year profits as the US economy weighed on the business....
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