Californian retailer Stater Bros. saw quarterly profits fall as same-store sales growth slowed during the second quarter of its fiscal year.
The company said yesterday (12 May) that its second-quarter net income reached US$11.1m for the 13 weeks to 29 March. Last year, Stater Bros. Booked net income of US$13.5m.
Adjusted for the Easter holiday, Stater Bros.’ like-store sales grew by 0.4% during the quarter – against growth of 0.9% during the first six months of its fiscal year.
Quarterly group sales rose 0.6% to $931m, while six-month sales were up 1.2% at US$1.89bn.
First-half net income stood at US$14.7m, down sharply from US$24.3m last year.
Chairman, president and CEO Jack Brown said: “We are pleased with our operating results for the quarter and the first twenty-six weeks of our fiscal year. We had more than 1.8m additional customer visits to our supermarkets during the first two quarters of this fiscal year.”
The retailer runs 166 supermarkets in southern California.
