99 Cents Only 1Q comps up

99 Cents Only Stores reported that same-store sales for the first quarter increased 7.2%, with the number of same-store sales transactions increasing 6% and the average transaction up 1.2% to $9.56.

Eric Schiffer, CEO of 99 Cents Only Stores, stated, "We are pleased with our solid first quarter same-store sales performance, which underscores the strength of our business model and ability to attract new customers and achieve strong sales results in a challenging economic environment."

"We remain focused on continuing to improve operating efficiencies and profitability during fiscal 2010," added Schiffer. "We believe that we remain on track to achieve our long-term Profit Improvement Plan."

For fiscal 2010, the company said it plans to open a total of 10 to 12 stores with the majority in the second half and all but two in California.