US grocery retailer Stater Bros has posted an increase in sales and net income but a drop in operating profit in a mixed set of annual results.
The group posted net income of US$26.3m for the 52 weeks ended 25 September, up 6.9% on the same period last year.
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However, operating profit was down 7.2% to $100.9m as Stater saw its costs increase.
Stater Bros president and CEO Jack Brown said the economic climate remains challenging but added that the company will control costs where it is able to.
“It is our mission to control costs where we are able as we weather the effect of these tough economic times,” Brown said.
The retailer’s sales reached $3.7bn, up 2.4% on the year. Same-store sales increased 2.5%.
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By GlobalDataFor the fourth quarter, Stater Bros reported net income of $6.5m, up from $5.9m last year. Operating profit was down to $22.9m from $26.1m. Sales reached $941.9m, compared to $897.4m the same period last year. Same-store sales for the quarter increased 5%.
