Richard Anicetti has assumed the role of interim CEO at 99¢ Only Stores, the company announced this week, and Michael Fung has joined the company as interim chief administrative officer, overseeing finance, information technology, real estate and various other operational functions. In addition, 99 Cents Only announced that, for the fiscal 2013 third quarter ended December 29, net sales increased $35.6 million, or 8.8%, to $439.5 million versus the third quarter of fiscal 2012. Same-store sales, based on a comparable 13-week period, gained 4.3%.
In connection with the executive changes, Eric Schiffer, Jeff Gold and Howard Gold have left the company, it noted.
Anicetti has served on the 99 Cents Only board for the past eight months, the company stated, and, for eight years, acted as president and CEO of Food Lion grocery stores, a subsidiary of the Delhaize Group with more than 1,200 locations primarily in the southeastern United States. Fung most recently served as senior vp and chief financial officer of Walmart Stores’ U.S. operations, 99 Cents Only related.
“Since the first 99¢ Only store opened in 1982, the company has grown into one of the most impressive and differentiated extreme value retailers in the country,” said David Kaplan, chairman of the board, senior partner and founding member of Ares Management LLC. “The Gold/Schiffer family has been instrumental in creating this valuable business and establishing the widely-admired culture at 99¢ Only Stores. As a result, the company has flourished and today is positioned for continued growth and success. The board of directors thanks Eric, Jeff, Howard and the rest of the Gold/Schiffer family for their contribution and is looking forward to working with Rick, Mike and our dedicated ’99ers’ to continue our growth trajectory while providing our customers with excellent value as well as a fun and exciting shopping experience.”
In January 2012, 99-Cent Only Stores announced the completion of its acquisition by affiliates of Ares Management LLC, Canada Pension Plan Investment Board and the Gold/Schiffer family.
99¢ Only Stores currently operates 311 stores, with 227 stores in California, 39 in Texas, 29 in Arizona, and 16 in Nevada.