Exhibit 99.1

 

GRAPHIC

 

99 CENTS ONLY STORES REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2016 RESULTS

 

Fourth Quarter Fiscal 2016 Overview:

 

·                  Inventory balance decreased by $69.6 million, or 26% compared to the prior quarter

·                  Net sales increased by 1.0% to $517.8 million compared to the prior year

·                  Same-store sales decreased by 3.2%

·                  Adjusted EBITDA1  was $2.4 million compared to $34.6 million in the prior year

·                  Net loss was $11.7 million compared to $2.3 million in the prior year

 

Full-Year Fiscal 2016 Overview:

 

·                  Inventory balance decreased by $99.4 million, or 34% compared to the prior year

·                  Net sales increased by 4.0% to $2,004.0 million compared to the prior year

·                  Same-store sales decreased by 2.7%

·                  Adjusted EBITDA  was $39.5 million compared to $143.7 million in the prior year

·                  Net loss was $241.2 million compared to net income of $5.5 million in the prior year

 

CITY OF COMMERCE, California — April 28, 2016 — 99 Cents Only Stores LLC

(the “Company”) announced its financial results for each of the fourth quarter and full fiscal year ended January 29, 2016 (“fiscal 2016”).

 

Geoffrey Covert, President and Chief Executive Officer, stated, “The new senior leadership team is in the early stages of executing our plan to improve the operating performance through aligning around our four key strategic priorities and focusing on improving our customers’ experience.  The team has focused on and delivered significant improvements in our liquidity through monetizing and reducing inventory by nearly $100 million as compared to last year and proactively amending and extending our ABL facility. While it will take time to completely address the issues we are facing and even longer for our efforts to be reflected in the Company’s financial results, I am quite pleased with our initial progress. I look forward to executing on our strategy, improving our financial and operational performance and driving significantly enhanced value for all of our stakeholders in the quarters and years ahead.”

 


The following information was filed by 99 Cents Only Stores Llc (NCSO) on Thursday, April 28, 2016 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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