99 Cents Only reports slight income growth

CITY OF COMMERCE, Calif. — 99 Cents Only Stores reported that its consolidated net income for the first quarter of fiscal 2012 was $17.7 million, or 25 cents per diluted share, compared with $16.8 million, or 24 cents per diluted share, for the prior year.

Eric Schiffer, CEO of 99 Cents Only Stores, stated, "We are pleased with our financial results for the first quarter of fiscal 2012. Our long-term operational improvement initiatives have continued to meet our expectations, resulting in earnings per share of 25 cents for the first quarter of fiscal 2012."

The company reported net sales for the quarter of $368.3 million, a 6.3% increase compared with net sales of $346.5 million for the first quarter of fiscal 2011. Retail sales for the company's consolidated operations increased by 6.2% to $357.5 million. Same-store sales calculated on a comparable 13-week period, increased 5.9%. A favorable Easter selling season timing shift positively affected same-store sales in the first quarter of this year, the company reported.

For fiscal 2012, the 99 Cents Only said it expects positive same-store sales in the low single digits and plans to open 16 stores. Of these 16 stores, two stores will be opened in the first half of fiscal 2012 and the remaining fourteen stores in the second half of fiscal 2012. The majority of these new store openings in fiscal 2012 will be in California. The company currently plans to accelerate its store growth rate to approximately 10% in fiscal 2013, with the majority of new stores expected to be in California.