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99 CENTS ONLY STORES REPORTS STRONG FOURTH QUARTER
AND FULL YEAR FISCAL 2017 RESULTS
Fourth Quarter Fiscal 2017 Overview:
· Net sales increased 6.7% to $552.5 million compared to the prior year
· Same-store sales increased by 6.4% compared to the prior year
· Gross margin, as a percentage of net sales, increased to 30.1%, up from 26.7% in the prior year
· Net loss was $20.9 million compared to net loss of $18.4 million in the prior year
· Adjusted EBITDA(1) was $23.4 million compared to $2.4 million in the prior year
Full-Year Fiscal 2017 Overview:
· Net sales increased 2.9% to $2,062.0 million compared to the prior year
· Same-store sales increased by 2.1% compared to the prior year
· Gross margin, as a percentage of net sales, increased to 29.2%, up from 28.1% in the prior year
· Net loss was $118.2 million compared to $248.0 million in the prior year
· Adjusted EBITDA increased 28% to $50.6 million compared to the prior year
CITY OF COMMERCE, California April 20, 2017 99 Cents Only Stores LLC (the Company) announced its financial results for the fourth quarter and full fiscal year of 2017 ended January 27, 2017 (fiscal 2017).
Geoffrey Covert, President and Chief Executive Officer, stated, We concluded fiscal 2017 with a strong fourth quarter driven by growth in same store sales, expanding margins and lower inventory levels. As a result, we continued to solidify 99 Cents Only Stores liquidity position while generating significant year-over-year growth in adjusted EBITDA.
Mr. Covert continued, Net sales for the fourth quarter were $552.5 million, up 6.7% over the prior year period. On a same-store basis, sales were up an impressive 6.4%, resulting from a 4.4% increase in basket, coupled with a 1.9% increase in transaction count. In addition, fourth quarter gross margin of 30.1% improved 340 basis points year-over-year, primarily due to our concerted efforts to improve shrink and scrap and execution in our logistics network. I am also pleased with our continued success in inventory management as total inventory declined on both a year-over-year and sequential quarter basis. Importantly, adjusted EBITDA was $23.4 million for the fourth quarter compared to $2.4 million in the fourth quarter of last year. For the full year, adjusted EBITDA of $50.6 million was up 28% compared to the prior year. We are encouraged by this result, which represents the reversal of a two-year decline in adjusted EBITDA.
The following information was filed by 99 Cents Only Stores Llc (NCSO) on Thursday, April 20, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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