99 Cents Only sees improved 3Q results

CITY OF COMMERCE, Calif. 99 Cents Only Stores reported that retail sales for its consolidated operations (including Texas) increased by 2.3% to $348.9 million and same-store sales increased 3.1% for the third quarter of 2010.

Consolidated net income (including Texas) increased by $12 million to $24.5 million, or 35 cents per diluted share, versus $12.5 million in the prior year, or 18 cents per diluted share

Eric Schiffer, CEO of 99 Cents Only Stores, stated, "We are pleased that our financial results for the third quarter of fiscal 2010 demonstrated significant progress. We believe that these strong results are a validation of the strength of our retail concept. Based on our updated strategic and operational plans, we now believe that we can achieve approximately 7.5% EBT in fiscal 2012."