Tax benefit boosts 99 Cents Only profit in Q1

City of Commerce, Calif. — 99 Cents Only Stores LLC reported net income of $9.57 million in the first quarter of fiscal 2015, up from $897,000 in the same quarter a year earlier.

Net sales rose $477.9 million, up 7% from $445.2 million in the first quarter of fiscal 2014.

"We have been pleased with the substantial progress made on implementation of our strategic plan during the quarter," stated Stephane Gonthier, CEO of 99 Cents Only. "Although our comp sales were impacted by the timing of this year's Easter holiday and lower availability of fresh produce as a result of the drought conditions in California, we continue to be excited about the sales and margin opportunities available in the near- to medium-term through direct sourcing and our initiative to raise shelf heights across the chain."