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Stater's Net Income, Sales Slide

SAN BERNARDINO, Calif. — Stater Bros. Holdings here said Tuesday net income and sales declined for the second quarter and first half that ended March 29.

SAN BERNARDINO, Calif.Stater Bros. Holdings here said Tuesday net income and sales declined for the second quarter and first half that ended March 29.

Net income for the 13-week quarter fell 46% to $6 million, while sales declined 4.9% to $885.5 million and same-store sales declined 3.1%. Excluding volume at Santee Dairy, a wholly owned subsidiary whose assets were sold last October, supermarket sales for the quarter fell 2.3% to $864.5 million.

For the 26-week period, net income fell 13.6% to $12.7 million, while sales fell 4.2% to $1.8 billion and same-store sales fell 2.7%. Excluding Santee volume, supermarket sales for the year to date dropped 1.7% to $1.77 billion.

"Our financial results have been impacted by the current economic situation," said Jack Brown, chairman and chief executive officer. "We have made a conscious effort to keep prices low to help our customers get the most out of their shopping dollars and to retain customers. We remain committed to cost control as we navigate through this national economic recovery."

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