99 Cents Only Q4 profit more than doubled

Commerce, Calif. Discount retailer 99 Cents Only Stores said Wednesday that its fiscal fourth-quarter profit more than doubled on stronger sales and lower expenses. The performance beat Wall Street expectations.

For the three months that ended in March, the company said it earned $16.9 million, compared with $7 million a year earlier. Quarterly revenue was $339.3 million, up 3.1% from $329.2 million last year.

Same-store sales rose 3.5% for the quarter.

The company operates 275 stores in California, Texas, Arizona and Nevada.