COMMERCE, Calif., July 14, 2011 /PRNewswire/ -- 99 Cents Only Stores® (NYSE: NDN) (the "Company")
today reports total sales of $368.3
million for the first quarter of fiscal 2012 ended
July 2, 2011. This represents
an increase of 6.3% over total sales of $346.5 million for the same quarter last year.
The Company's total retail sales for the first quarter of
fiscal 2012 were $357.5 million,
compared to $336.6 million for the
same quarter last year.
(Logo:
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Eric Schiffer, CEO, commented,
"In the first quarter, we are pleased to report that we achieved
5.9% same-store sales growth for the full quarter and 2.7%
same-store sales growth for the last ten weeks of the quarter
starting with Easter Sunday.
These sales results are essentially in line with our
expectations for the quarter and our guidance for low single digit
growth for the fiscal year and we believe underscore the strength
of our business model and our ability to attract new customers in a
challenging economic environment."
The Company's overall same-store sales for the first quarter of
fiscal 2012 increased 5.9%. The number of same-store-sales
transactions increased 4.3% and the average transaction size
increased to $9.70 from $9.56. A favorable Easter selling season
timing shift affected same-store sales in the first quarter.
Each year, the Easter holiday increases the Company's sales for
at least the three weeks prior to Easter, with the largest impact
on the last week before Easter. In fiscal 2011, the Easter holiday
fell on April 4, 2010 compared to
April 24, 2011 this year. As a
result, the first quarter same-store-sales calculation for the
first quarter of fiscal 2012, starting on April 3, 2011 and ending on July 2, 2011, includes the three weeks prior to
Easter and is being compared to a 13-week period of fiscal 2011
which started on April 4, 2010 and
ended on July 3, 2010 and therefore
did not include any Easter sales effect.
The Company's gross and saleable retail square footage at the
end of the first quarter were 6.05 million and 4.76 million,
respectively, based on 285 stores. This represents an
increase of 3.0% over last year for each of gross and saleable
retail square footage.
In fiscal 2012, the Company currently plans to open 16 new
stores, which is a store growth rate of approximately 6%. The first
new store for the current fiscal year will open on July 21st in Las Vegas,
Nevada. The majority of the planned new stores for fiscal
2012 are expected to be in California and to open in the second half of
the fiscal year. The Company currently plans to accelerate its
store growth rate to approximately 10% in fiscal 2013, with the
majority of new stores expected to be in California.
The Company plans to release its financial results for the first
quarter of fiscal 2012, after the market closes on Monday, August 8, 2011, followed by an investor
conference call the same day at 1:30 p.m.
Pacific time (4:30 p.m. Eastern
time).
About 99 Cents Only
Stores®
Founded over 25 years ago, 99
Cents Only Stores® currently operates 285 extreme value
retail stores consisting of 211 stores in California, 35 in Texas, 27 in Arizona, and 12 in Nevada. 99 Cents Only Stores® emphasizes
quality name-brand consumables, priced at an excellent value, in
convenient, attractively merchandised stores. Over half of the
Company's sales come from food and beverages, including produce,
dairy, deli and frozen foods, along with organic and gourmet foods.
The Company's New York Stock Exchange symbol is NDN.
Safe Harbor Statement
We have included statements in this release that constitute
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act and Section 27A of the Securities Act.
The words "expect," "estimate," "anticipate," "predict," "believe"
and similar expressions and variations thereof are intended to
identify forward-looking statements. Such statements appear in this
release and include statements regarding the intent, belief or
current expectations of the Company, its directors or officers with
respect to, among other things, the business and growth strategies
of the Company, planned new store openings, our future store
opening growth rate and trends affecting the financial condition or
results of operations of the Company. The shareholders of the
Company and other readers are cautioned not to put undue reliance
on such forward-looking statements. Such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and actual results may differ materially from those
projected in this release for the reasons, among others, discussed
in the reports and other documents the Company files from time to
time with the Securities and Exchange Commission, including the
risk factors contained in the Section – "Management's Discussion
and Analysis of Financial Condition and Results of Operations" of
the Company's Annual Reports on Form 10-K and Quarterly Reports on
Form 10-Q. The Company undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances
that arise after the date hereof.
Contact Angela Thurstan,
323-881-1272.
SOURCE 99 Cents Only Stores