For the first quarter ended June 29, 99¢ Only Stores generated net income of $3.2 million versus a net loss of $5.9 million in the corresponding period of 2012, the company stated. Comparable store sales increased 3.1%, according to the company.
Net sales increased 8.2% to $32.9 million, 99 Cents Only announced. An Easter calendar shift negatively impacted comps in the quarter this fiscal year by approximately 180 basis points, the company asserted.
During the first quarter, 99 Cents Only reported that it had opened six stores, with three in California, one in Nevada and two in Texas. As of June 29, the company operated 322 stores, giving it a store-count increase of 7.3% over last year. In fiscal 2014, 99 Cents Only maintained that it would boost its store count by approximately 10%, exclusively in existing markets.