2Q comps rise 4.7% at 99 Cents Only Stores

CITY OF COMMERCE, Calif. 99 Cents Only reported net sales of $317.8 million for the second quarter of fiscal 2009 ended Sept. 27, a 9.2% increase over $290.9 million for the like period in 2007. For the company’s non-Texas operations, retail sales in the quarter were $276.4 million, compared to $253 million in 2007. Retail sales for Texas operations, which the company recently announced it would be discontinuing, were $31 million, versus $27.6 million last year.

Second-quarter same-store sales increased 4.7%. Same-store sales for non-Texas and Texas operations were both up 4.7% in the second quarter.

"We are pleased with our strong sales performance in the second quarter," said ceo Eric Schiffer. "We again experienced an increase in the number of overall same-store sales transactions, which indicates that we are continuing to attract new customers who are looking for ways to save during these challenging economic times ... As we enter the third quarter, we are committed to ensuring that we offer our customers a compelling product assortment with a great value to continue to drive positive same-store sales," continued Schiffer. "However, given the continued challenging economic environment, our primary focus is on executing our profit improvement plan and managing all controllable aspects of our business."

The company opened six stores in the second quarter, including four in California, one in Nevada and one in Arizona. The company still plans to open approximately five additional stores during fiscal 2009, all in California.