For a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forward-looking statements. Roundy’s assumes no obligation to revise any forward-looking projections that may be made in today’s release or call.
Also in the company’s release and the today’s prepared remarks, we included adjusted net income and adjusted EBITDA, which are non-GAAP financial measures within the meaning of SEC Regulation G.
The reconciliation of adjusted net income and adjusted EBITDA to the most directly comparable GAAP financial measures and other information required by the Regulation G are included in the company’s press release issued earlier today, which has been posted to the Investor Relations page of our corporate website at www.roundys.com.
With that, I’d like to turn the call over to Bob Mariano. Bob?Bob Mariano Thanks, Ed, good afternoon, everyone, and thank you for joining us today. As we discussed, the results for the second quarter ended June 30, 2012. Today, I’ll briefly review those results and then spend a few minutes updating you on our key strategic initiatives and current trends. Then Darren will review the financial results for the quarter in more detail, and provide updated guidance for 2012. At the end of our remarks, we will open up the call for additional questions. Our results for the second quarter reflect the ongoing macroeconomic headwinds, which stiffened over the course of the quarter as many of our customers came increasingly price conscious and we experienced greater than anticipated pricing and promotional activity in several of our major markets. For the second quarter, sales increased 1.7% to $997 billion largely due to the strength of our new stores in the Chicago market, and a growing traction of our perishable organic and own brand offerings. Both of which I’ll talk more about in a moment.