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99 Cents Only net income inches up
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.
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New CFO at Hhgregg
Hhgregg has added Robert J. Riesbeck to its executive team as CFO, as part of the retailer’s continued focus on transforming the business.
Riesbeck has more than 25 years of experience in financial and operations management. Most recently, he served as operations executive/group CFO at Sun Capital Partners where he was responsible for financial and operations oversight of a diverse group of portfolio companies with combined revenues exceeding $5 billion.