Discount Store

City of Commerce, Calif. — Net income at 99 Cents Only Stores Inc. slightly increased to $2 million in the second quarter of fiscal 2014 from $1.9 million a year earlier. Net sales rose 6% to $458.2 million from $433.1 million, while same-store sales increased 0.1%.

99 Cents Only cited the short-term impact of several long-term growth initiatives, as well as California’s ongoing drought, as limiting its financial growth during the quarter.

Jacksonville, Fla. - Stein Mart is opening six new stores in fall 2014 as part of its 2014 store expansion plan that calls for  nine new locations, strategically selected in key growth markets, and seven relocations. The openings will bring the company's total nationwide store count to more than 270.

Since Family Dollar’s board of directors unanimously rejected Dollar General’s second and sweetened tender offer from Sept. 2, Dollar General has decided to make the tender offer directly to the company’s shareholders.

The company’s all-cash offer of $80 per share beats Dollar Tree’s offer of $74.50 per share cash/stock offer originally made July 28. The Family Dollar board has rejected both Dollar General’s offers on the basis of antitrust regulatory considerations.

San Diego – For the month of August 2014, net sales at PriceSmart Inc. increased 7.3% to $206.7 million, from $192.6 million in August a year earlier. Same-store sales for the month increased 2.3%.

PriceSmart also announced the planned opening dates for the three warehouse clubs currently under construction in Colombia. The Bogota warehouse club is planned to open on Oct. 29; the Pereira warehouse club is planned to open on Nov. 13; and the Medellin warehouse club is planned to open on Nov. 26.

Philadelphia – Five Below plans to open a new distribution center in Oldmans Township, New Jersey, in 2015. The center will replace an existing 421,000-sq.-ft. facility located in New Castle, Delaware.

Five Below will occupy approximately 700,000 sq. ft. of the facility to start with, and plans to grow to one million sq. ft. over time. The new distribution center, which is expected to be fully operational in the second half of 2015, will support the company's continued growth and expansion on the East Coast.

Stein Mart plans to open six new stores this fall just in time for Christmas. The store openings are part of the company’s 2014 store expansion plan, which includes nine new locations, strategically selected in key growth markets, and seven relocations.

The openings will bring the company's total nationwide store count to more than 270.

Goodlettsville, Tenn. – Dollar General Corp. is upping the ante in its $9.1 billion bid to purchase Family Dollar Inc. by making a hostile takeover offer to Family Dollar stockholders of $80 per share. This offer beats the $74.50 per share, $8.5 billion offer Family Dollar has accepted from Dollar Tree Inc, and is a 32% premium over the closing price of $60.66 for Family Dollar stock on Sept. 9.
 

Observant shoppers will have noticed something ominous in recent weeks: the arrival of fall and winter products and holiday marketing/promotions in many stores. As unbelievable as it might seem, considering the fact that much of the country is still experiencing 90-degree heat and a glance at the calendar shows that it is barely September as I write this, the holiday hullabaloo is already underway.