Q3 Loss Hits 99 Cents Only

For the third quarter, 99 Cents Only Stores LLC posted a net loss of $3.8 million versus net income of $1 million for the third quarter of fiscal 2014. Comparable store sales decreased 0.7% versus the period last year.

Net sales increased $22.7 million to $478.3 million.

Adjusted EBITDA was $27.1 million in the third quarter versus $28.3 million in last year’s period.

In 2012, affiliates of Ares Management LLC, Canada Pension Plan Investment Board and the Gold-Schiffer family acquired 99¢ Only Stores. The company operated 368 stores with 265 in California, 48 in Texas, 35 in Arizona and 20 in Nevada as of December 11.