99 Cents Only sees slight income growth

CITY OF COMMERCE, Calif. 99 Cents Only Stores today reported diluted earnings per share of 14 cents on net income of $9.5 million for the third quarter ended Dec. 31, 2007, compared to diluted earnings per share of 13 cents on net income of $8.9 million in the prior comparable period.

The company reported total sales of $325 million for the quarter. Retail sales for the quarter were $314.6 million, up 7.9% from $291.6 million for the same quarter in the prior year. The company reported a same-store sales increase of 2.9%.

"While we are not satisfied with our third quarter results, we are encouraged by the improvement over the prior comparable period and the initial results from the profit improvement plan we have begun to implement," said Eric Schiffer, ceo of 99 Cents Only Stores.