99 Cents Only Stores shrinks Q4 net loss

CITY OF COMMERCE, Calif. — 99 Cents Only Stores Inc. shrank its net loss to $2.3 million in the fourth quarter of fiscal 2015, compared to net loss of $14.7 million for the fourth quarter of fiscal 2014.  Net loss decreased primarily due to a previously disclosed workers' compensation charge in the previous fourth quarter.

 

Net sales slightly rose 1% to $512.6 million from $505.7 million. Same-store sales climbed 2.8%. 

 

"We are pleased with the progress that we have made during what was a transformative year, as we executed on key elements of our long-term strategic plan,” said Stephanie Gonthier, president and CEO. “We opened a record 40 net new stores during the year and completed a major store remodeling program, while at the same time upgrading many of our legacy IT systems. We made significant progress in enhancing our seasonal and general merchandise offerings and continue to work hard on expanding the selection of everyday consumables in our store.”

 

For the full fiscal year, 99 Cents Only swung to net income of $5.5 million from a net loss of $10.9 million. Net sales increased 5% to $1.93 billion from $1.84 billion. Same-store sales climbed 0.4%.