Roundy’s, Inc. (“Roundy’s”) (NYSE: RNDY), a leading grocer in the Midwest, today reported financial results for the first quarter ended March 31, 2012.
- Net sales increased 2.4% to $938.2 million for the first quarter
- Adjusted net income, which excludes the impact of debt extinguishment and one-time IPO expenses, grew 20.4% to $10.6 million, or $0.28 diluted earnings per common share, for the first quarter
- Adjusted EBITDA decreased 4.2% to $48.7 million for the first quarter
- Raised approximately $111.9 million of proceeds in initial public offering and reduced total debt by approximately 14.4% to $702.2 million
“Our first quarter results reflect the strength of our overall business strategy,” said Robert Mariano, Roundy’s chairman, president and chief executive officer. “Despite continued weakness in consumer discretionary spending, which negatively impacted our same store sales, we were pleased with our total sales growth and solid performance in the Chicago market. In addition, our focus on maintaining an efficient operating structure led to strong cost controls during the quarter. While the economic environment in many of our markets remains challenging, we believe our commitment to providing high quality products and a differentiated customer experience at a great value for our customers will continue to serve our business well.”
Financial Results for First Quarter of 2012
Net sales for the first quarter of 2012 were $938.2 million, an increase of $22.2 million, or 2.4%, from $916.0 million for the first quarter of 2011. Same store sales decreased 2.1% from the prior year due to continued weakness in the consumer environment and the effect of competitive store openings. As anticipated, results were also negatively affected by lower sales during the 2012 pro football postseason playoffs compared to 2011 when the Green Bay Packers appeared in the Super Bowl and the quarterly calendar shift of the New Year’s holiday, when sales are typically slow, which fell in first quarter this year while last year it fell in the fourth quarter of 2010.