99 Cents Only Stores Q1 profit up, to open 16 new stores

City of Commerce, Calif. -- Discount retailer 99 Cents Only Stores reported Monday that net income for the quarter ended July 2 rose to $17.7 million, from $16.8 million in the year earlier period.



Total revenue rose 6.3% to $368.3 million, from $346.5 million a year ago. Same-store sales rose 5.9%.



The chain said it plans to open 16 new stores this fiscal year. Most openings will occur in the second half of the year, it said, and most would be located in California. The retailer said also said it plans to accelerate its store growth rate to approximately 10% in fiscal 2013, with the majority of new stores expected to be in California.