99 Cents Only’s Same-Store Sales Rise
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99 Cents Only Stores, a discount retailer that operates mainly in California, released its preliminary third-quarter earnings and fourth-quarter revenue figures after its auditor resigned in September, delaying the reports.
Third-quarter net income fell to $1 million, or 1 cent a share, from $5.5 million, or 8 cents, a year earlier, the City of Commerce-based company said. Net sales rose to $246 million from $238 million.
The company said efforts to improve sales helped boost fourth-quarter revenue by 2.5% at shops open more than a year, bolstering profit. Sales rose 4.9% to $278.8 million in the period.
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