99 Cents Only Stores posts Q3 sales growth
CITY OF COMMERCE, Calif. — 99 Cents Only Stores reported that net sales for the third quarter increased $35.6 million, or 8.8%, to $439.5 million for the third quarter of fiscal 2013 compared to $403.9 million for the third quarter of fiscal 2012. Same-store sales increased 4.3%.
During the third quarter of fiscal 2013, the company opened seven stores, four in California, one in Nevada, two in Texas, and closed one store in California upon the expiration of a lease. As of the end of the third quarter of fiscal 2013, the company operated 309 stores, an increase of 5.8% in store count over last year.
The company believes that revenue growth in the remainder of fiscal 2013 will primarily result from increases in same-store sales and new store openings. The company currently plans to open approximately six additional stores during the fourth quarter of fiscal 2013 with the majority of new stores expected to be opened in California.