99 Cents Only Stores LLC

99 Cents Only Stores has tapped a grocery veteran to be its new chief executive.

City of Commerce, Calif. — A sharp increase in selling, general and administrative (SG&A) expenses drove an 88% drop in net income at 99 Cents Only Stores Inc. to $1.17 billion in the first quarter of fiscal 2016 from $9.57 billion the same quarter the prior fiscal year.

The profit plummet came as total sales rose 6% to $506.17 million from $477.9 million. Same-store sales declined 1.7%, primarily due to lower customer traffic.

The CEO of 99 Cents Only Stores Inc. says he's confident that the company's core business strategy remains strong despite a sharp drop in net income in the first quarter.

City of Commerce, Calif. - 99 Cents Only Stores has named Andrew Giancamilli, chairman of the company’s board of directors, as interim president and CEO, replacing Stéphane Gonthier, who has resigned.

City of Commerce, Calif. - 99 Cents Only Stores has opened an onsite fully operational compressed natural gas (CNG) filling station in the company's main distribution center. This is the final step in the company's plan in adopting a green approach to its private fleet operation.

City of Commerce, Calif. - 99 Cents Only Stores reported a loss loss and a decline in same store sales in the third quarter.   The company reported a loss of $3.8 million in the third quarter, ended Oct. 31, compared to income of $1 million in the prior year quarter.   Net sales increased by 5.0% to $478.3 million.  Same store sales decreased 0.7% compared with the prior year quarter.   

City of Commerce, Calif. – 99 Cents Only Stores is opening a new store in Ladera Heights, Calif., on Nov. 14. The new store is approximately 19,000 sq. ft. and will feature a perishable food department, including produce, dairy and frozen foods.

99 Cents Only Stores currently operates 334 extreme value retail stores consisting of 240 stores in California, 44 in Texas, 33 in Arizona, and 17 in Nevada.

COMMERCE, Calif. — Rodeo Drive is the place where Julia Roberts got the last laugh in "Pretty Woman" and the home to some of the most sought-after fashions in the world. But perhaps there is room on the iconic street for a more inclusive retail destination.

In that vain, 99 Cents Only Stores has issued a press release announcing its search for retail property on Rodeo Drive and is encouraging anyone with information on available retail space on Rodeo Drive is to contact its real estate department.