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99 CENTS ONLY STORES REPORTS SECOND QUARTER FISCAL 2017 RESULTS
Second Quarter Fiscal 2017 Overview:
· Net sales increased 1.6% to $496.4 million compared to the prior year
· Same-store sales increased by 1.1%
· Net loss was $35.1 million compared to net loss of $78.1 million in prior year
· Adjusted EBITDA(1) was $5.2 million compared to $6.9 million in prior year
CITY OF COMMERCE, California September 8, 2016 99 Cents Only Stores LLC (the Company) announced its financial results for second quarter of fiscal 2017 ended July 29, 2016.
Geoffrey Covert, President and Chief Executive Officer, stated, I remain encouraged by our progress in executing our turnaround plan. With measurable improvement this past quarter, we have solid momentum as we enter the second half of fiscal 2017. Progress is evident across many aspects of the enterprise and our improved sales performance provides an indication that our plan is taking hold. During the second quarter, same-store sales were positive 1.1%, and on a year to date basis, same store sales improved to positive 0.5%. In addition, total inventory as of the end of the second quarter was $176 million, down nearly $100 million from $275 million as of the end of the second quarter last year. Finally, our improved sales performance and lower inventory levels have collectively strengthened our liquidity position. Cash borrowings under our ABL facility are now the lowest they have been in the past two years. As of the end of the second quarter cash borrowings under our ABL facility were $21 million, down $19 million compared to the prior quarter end and down $86 million from a year ago.
Mr. Covert concluded, Since beginning our turn-around plan in the third quarter last year, we have maintained that it will take time to operationally address our key issuesand even longer for the changes we are making to be fully reflected in our financial results. However, based on the results of the first half of fiscal 2017, I am optimistic that we remain on-track to return 99 Cents Only Stores to sustained growth in the long-run.
Second Quarter Financial Results
For the second quarter of fiscal 2017, the Companys net sales increased 1.6%, to $496.4 million, compared to $488.5 million in the second quarter of fiscal 2016. Same-store sales increased
The following information was filed by 99 Cents Only Stores Llc (NCSO) on Thursday, September 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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