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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 Companys 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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