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99 Cents Only profit up 17% in Q2, on track to open 12 stores in second half
City of Commerce, Calif. -- Discounter 99 Cents Only Stores reported Wednesday that profit for the second quarter rose 17% to $15.1 million, compared with $12.9 million a year earlier.
Revenue rose 8.8% to $363 million, beating analysts’ expected $357.3 million. Same-store sales increased 6.7%.
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99 Cents Only has big store plans, 2Q comps up 6.7%
CITY OF COMMERCE, Calif. — A strong earnings and sales performance during its fiscal second quarter gave 99 Cents Only Stores the confidence to raise its full year guidance and become more aggressive with store growth. The company reported that total retail sales increased 9% to $352.2 million and same-store sales increased 6.7% for the second quarter. Consolidated net income increased by $2.2 million to $15.1 million or 21 cents per diluted share, versus $12.9 million in the prior year, or 18 cents per diluted share