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99 Cents Only Stores Llc (NCSO) SEC Filing 10-K Annual report for the fiscal year ending Friday, January 29, 2016

99 Cents Only Stores Llc

CIK: 1011290 Ticker: NCSO

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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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 Member's/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 (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Comprehensive Income (details)
Basis Of Presentation And Summary Of Significant Accounting Policies - General Information (details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Goodwill And Other Intangible Assets, Leases And Advertising (details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Property And Equipment And Long-lived Assets (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Lease Commitments (details)
Commitments And Contingencies - Self-insured Health Insurance And Legal Matters (details)
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 (tables)
Fair Value Of Financial Instruments - Assets And Liabilities Measured At Fair Value Nonrecurring Basis (details)
Fair Value Of Financial Instruments - Changes In Level 3 Instruments (details)
Fair Value Of Financial Instruments - Fair Value Hierarchy (details)
Fair Value Of Financial Instruments - Fair Value Of Debt (details)
Financial Guarantees
Financial Guarantees (tables)
Financial Guarantees - Balance Sheets (details)
Financial Guarantees - Statements Of Cash Flows (details)
Financial Guarantees - Statements Of Comprehensive Income (loss) (details)
Goodwill And Other Intangible Assets And Liabilities
Goodwill And Other Intangible Assets And Liabilities (tables)
Goodwill And Other Intangible Assets And Liabilities - Finite And Indefinite Lived Intangible Assets (details)
Goodwill And Other Intangible Assets And Liabilities - Unfavorable Leases (details)
Income Tax Provision
Income Tax Provision (tables)
Income Tax Provision - General Information (details)
Income Tax Provision - Tax Credit (details)
New Authoritative Standards
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)
Subsequent Events
Subsequent Events (details)
Ticker: NCSO
CIK: 1011290
Form Type: 10-K Annual Report
Accession Number: 0001104659-16-115387
Submitted to the SEC: Thu Apr 28 2016 5:27:11 PM EST
Accepted by the SEC: Thu Apr 28 2016
Period: Friday, January 29, 2016
Industry: Retail Variety Stores

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