99 Cents Only Stores posts strong Q1 sales

Commerce, Calif. 99 Cents Only Stores on Thursday reported better-than-expected first-quarter sales as shoppers flocked to its stores for basics amid tough economic times.

Total first-quarter sales grew 8.9% year-over-year, reaching $332.1 million. That's above analysts' average forecast of $322.3 million, according to a Thomson Reuters poll.

The company's same-store sales, or sales at stores open at least a year, grew 7.2%.

Total transactions at stores open at least a year grew 6% and the value of the average transaction grew 1.2% to $9.56.