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99 Cents Only earnings up in 4Q, full year


City of Commerce, Calif. Discount retailer 99 Cents Only Stores Inc. said it earned $7 million in its fourth quarter, compared with a loss of $4.4 million a year ago. Its revenue rose 13% to $329.2 million from $290.5 million due to improved retail bargain sales.

In the quarter ended March 28, 99 Cents Only said its same-store sales rose 6.2%. Retail bargain sales grew to $319 million from $280.8 million. The rest of the company's revenue comes from wholesale sales.

The company currently runs 271 stores in California, Texas, Arizona and Nevada. It has closed 14 of its stores in Texas, and plans to exit the state entirely. But the company decided earlier this year to delay its plans, and 99 Cents Only has 34 stores in Texas now. In fiscal 2009, 99 Cents Only's profit jumped to $8.5 million from $2.9 million the year before. Revenue rose 9% to $1.3 billion.

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