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.



“However, we are pleased by our same store sales during the quarter — despite these disruptions — as well as the positive customer feedback we are receiving on these programs,” said CEO Stephane Gonthier. “We look forward to continuing to realize the benefits of the ongoing implementation of our strategic growth plan."