99 Cents Only set for growth amid Q1 2014 results
CITY OF COMMERCE, Calif. — 99 Cents Only expects to increase its store count by approximately 10% exclusively in existing markets in fiscal 2014, following the company's first quarter results for the period ended June 29.
The company's net sales increased 8.2%, to $433.9 million for the quarter compared to $401 million for the first quarter of fiscal 2013. Same-store sales, calculated on a comparable 13-week period, increased 3.1%. Easter, a holiday that drives the company's busiest selling week, fell on April 8 in calendar year 2012 and on March 31 in calendar year 2013. As a result, the company did not benefit from the Easter selling season in the first quarter of 2014, which it estimates negatively affected same-store sales by approximately 180 basis points.
During the first quarter of fiscal 2013, the company opened six stores — three in California, one in Nevada and two in Texas. As of June 29, it operated 322 stores, an increase of 7.3% in store count over last year.