Stater Bros. Net Gains 17.8% in Third Quarter
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Stater Bros., the Colton-based supermarket chain that recently emerged from a bitter proxy fight, said sales and earnings were higher in its third fiscal quarter ended June 29.
Net income rose 17.8% on a 10.7% increase in sales, the company said. For the nine-month period, income was up 171% on a 13.8% jump in sales.
Jack H. Brown, chairman, president and chief executive, said the increase in earnings in the third quarter was due to higher volume, improved profit margins and elimination of preferred dividends.
Expenses were “unusually high” in the period due to the cost of the proxy battle, as a result of which Brown was reinstated in the top positions at Stater.
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