Economic downturn takes hold of Stater Bros.’ Q3 earnings
SAN BERNARDINO, Calif. A regional supermarket chain experienced declines across the board during its third quarter ended June 27.
Consolidated sales for Stater Bros. dropped $28.6 million to $900 million in the third quarter after selling its Santee Dairies assets in the first quarter, the company said. Supermarket sales for the quarter also dropped $5.6 million, or 0.61%, compared with the same period of fiscal 2009. Additionally, same-store sales decreased 1.19%, or $10.8 million for the thirteen weeks ended June 27, compared with the third quarter 2009. Stater Bros. said its overall net income for the third quarter totaled $6 million compared, with $15.1 million in the year-ago period.
Jack Brown, Stater Bros. chairman, president and CEO, said the economic downturn impacted its customers’ budgets but said its customer loyalty has made it a successful business.
“A cornerstone of our business strategy is to retain their loyalty by providing them the best value possible which includes not only being competitive on price, but also providing our customers with unparalleled customer service. We are sacrificing gross profit in the short term in order to retain our customers in the long term,” Brown said. “We remain focused on controlling our operating cost while providing our customers with the hometown service they have come to expect and the low prices they need on each visit to their Stater Bros. supermarket.”
Ideavillage Products to market, distribute Criss Angel magic kit
WAYNE, N.J. Famed illusionist and star of A&E’s “MindFreak” Criss Angel has partnered with Ideavillage Products to market and distribute his Platinum MindFreak magic kit.
The new magic line is geared toward people of all ages. The kit consists of more than 250 MindFreak tricks, including an instruction manual and DVD, as well as 6 individual MindFreak tricks with instructions. The kit is slated hit retail shelves next month.
“Criss Angel is a world class performing artist. It’s what he does best. TV is all about magic demonstrations which make it the perfect venue for introducing Criss’ new kit,” said Anand Khubani, Ideavillage Products CEO and founder. “Ideavillage is a leading marketer, product manufacturer, and distributor. The partnership just made sense because it allows both our organizations to use our talent and channel our energies in the right direction.”
Report: Bi-Lo goes up for sale
MAULDIN, S.C. Just a few months after completing its financial restructuring, Bi-Lo reportedly is for sale, according to published reports.
Reuters reported that the chain, which operates 207 stores across four states and is owned by Lone Star Funds, is being pursued by Kroger and Publix. Recently, Bi-Lo launched a health-and-wellness initiative called Thrive, which is designed to educate shoppers on healthy living alternatives. Bi-Lo also revealed itself as a “stronger, better” supermarket chain late last month at the grand reopening of its Greer, S.C., location.
“This redesigned store represents all the great things Bi-Lo is doing to provide customers tremendous savings without having to sacrifice the quality and service they desire,” Michael Byars, president and CEO of Bi-Lo, recently said. “We are proud of our teammates’ hard work on this collective effort and we look forward to exceeding the expectations of our customers.”
Lone Star declined to comment to the press regarding this matter.