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99 Cents Only Stores (NCSO) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 30, 2013

99 Cents Only Stores Llc

CIK: 1011290 Ticker: NCSO

Exhibit 99.1

 

CORPORATE HEADQUARTERS

4000 Union Pacific Avenue

City of Commerce, CA 90023

Phone: (323) 980-8145

Fax: (323) 980-8160

www.99only.com

 

99¢ ONLY STORES® PROVIDES UPDATE ON FISCAL 2013 FINANCIAL RESULTS

 

·                  ADDRESSES DELAY IN FILING ANNUAL REPORT ON FORM 10-K

 

·                  ANNOUNCES CERTAIN PRELIMINARY RESULTS FOR FISCAL 2013 AND BONDHOLDER CONFERENCE CALL

 

CITY OF COMMERCE, California — June 28, 2013

- 99¢ Only Stores® (the “Company”) announced that, for the reasons described below, it is unable to file its Annual Report on Form 10-K for the fiscal year ended March 30, 2013, on or before the prescribed due date of June 28, 2013 without unreasonable effort or expense.  The Company is working diligently to complete its financial statements for fiscal 2013 and plans to file its Annual Report on Form 10-K for fiscal 2013 with the Securities and Exchange Commission as soon as practicable.

 

Based on its preliminary financial results and subject to the completion of its audit for fiscal 2013, the Company expects (a) net sales for the fiscal year ended March 30, 2013 to be approximately $1.7 billion, approximately 9% higher than the prior year, and same store sales for fiscal 2013, calculated on a comparable 52-week period, to be approximately 4% higher than the prior year and (b) net sales for the fourth quarter of fiscal 2013 to be approximately $435 million, approximately 9.7% higher than the prior year period, and same-store sales for the fourth quarter of fiscal 2013, calculated on a comparable 13-week period, to be approximately 4% higher than the prior year period. Easter, a holiday that drives the Company’s busiest selling week, occurred in calendar year 2012 on April 8 and in calendar year 2013 on March 31  As a result, the Company’s fiscal 2013 included two Easter seasons compared to one Easter season in fiscal 2012, which the Company estimates accounted for approximately 50 basis points of same store sales for fiscal 2013 and approximately 190 basis points of same store sales in the fourth quarter of fiscal 2013.

 

Based on its preliminary financial results and subject to the completion of its audit for fiscal 2013, in fiscal 2013 the Company expects average annual sales per comparable store to be approximately $5.3 million compared to $5.2 million for fiscal 2012, and annual sales per estimated saleable square foot to be approximately $321, compared to $309 for fiscal 2012.  At the end of fiscal 2013, the Company operated 316 stores, with 232 stores in California, 39 in Texas, 29 in Arizona, and 16 in Nevada.  In the fourth quarter of fiscal 2013, the Company opened seven stores in California, and in the quarter ending June 29, 2013, the Company opened three stores in California, two stores in Texas and one store in Nevada.

 

The Company also announced that it is in the process of upgrading its systems for accounting for merchandise inventories.  Among other things, the Company is preparing to implement an SAP system that will enable the Company, for the first time, to track inventory at each of its retail stores on a perpetual basis by stock keeping unit (or SKU). The SAP implementation process will begin in fiscal 2014, with all stores expected to be included by the end of fiscal 2015.  In anticipation of the implementation of this system, during the second half of fiscal 2013 the Company performed physical counts and established inventory cost by SKU at 81 of its more than 300 retail stores.  For prior periods, the Company has determined the value of store level inventory by performing physical counts for each price point category and then converted those retail values to cost basis by applying an average cost percentage by store.  Based on the foregoing, the Company has identified potential overstatements in total inventory (i.e., including the entire store base) of up to $20 million that have accumulated over prior periods.  Together with its independent auditor, Ernst & Young LLP and its former independent auditor, BDO LLP, the Company is currently reviewing the nature of this potential overstatement of the inventory balance and its effect on the consolidated financial statements for current and prior periods, including whether any adjustments to prior periods that may be necessary are material to those periods.

 


The following information was filed by 99 Cents Only Stores Llc (NCSO) on Friday, June 28, 2013 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Shareholders' Equity
Assets Held For Sale
Assets Held For Sale (details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (details 2)
Basis Of Presentation And Summary Of Significant Accounting Policies (details 3)
Basis Of Presentation And Summary Of Significant Accounting Policies (details 4)
Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Commitments And Contingencies
Commitments And Contingencies (details 2)
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Debt
Debt (details)
Debt (tables)
Derivative Financial Instruments
Derivative Financial Instruments (details)
Derivative Financial Instruments (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details 2)
Fair Value Of Financial Instruments (details 3)
Fair Value Of Financial Instruments (details 4)
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (tables)
Financial Guarantees
Financial Guarantees (details 2)
Financial Guarantees (details 3)
Financial Guarantees (details)
Financial Guarantees (tables)
Income Tax Provision
Income Tax Provision (details 2)
Income Tax Provision (details 3)
Income Tax Provision (details)
Income Tax Provision (tables)
Investments
Investments (details)
Investments (tables)
Operating Segments
Operating Segments (details)
Other Current Assets And Other Accrued Expenses
Other Current Assets And Other Accrued Expenses (details)
Other Current Assets And Other Accrued Expenses (tables)
Property And Equipment, Net
Property And Equipment, Net (details)
Property And Equipment, Net (tables)
Related-party Transactions
Related-party Transactions (details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Stock-based Compensation Plans
Stock-based Compensation Plans (details)
Stock-based Compensation Plans (tables)
Texas Market
Texas Market (details)
Texas Market (tables)
The Merger
The Merger (details 2)
The Merger (details 3)
The Merger (details)
The Merger (tables)
Ticker: NCSO
CIK: 1011290
Form Type: 10-K Annual Report
Accession Number: 0001104659-13-054244
Submitted to the SEC: Fri Jul 12 2013 4:24:44 PM EST
Accepted by the SEC: Fri Jul 12 2013
Period: Saturday, March 30, 2013
Industry: Retail Variety Stores

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