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99 Cents Only Stores Llc (NCSO) SEC Filing 10-Q Quarterly report for the period ending Friday, October 28, 2016

99 Cents Only Stores Llc

CIK: 1011290 Ticker: NCSO

Exhibit 99.1

 

 

99 CENTS ONLY STORES REPORTS THIRD QUARTER FISCAL 2017 RESULTS

 

Third Quarter Fiscal 2017 Overview:

 

·                  Net sales increased 1.8% to $500.1 million compared to the prior year

 

·                  Same-store sales increased by 0.8%

 

·                  Gross margin, as a percentage of net sales, increased to 29.0%, up from 26.8% in the prior year

 

·                  Net loss was $37.0 million compared to net loss of $152.6 million in the prior year

 

·                  Adjusted EBITDA(1) was $8.6 million compared to $5.1 million in the prior year

 

CITY OF COMMERCE, California — December 9, 2016 — 99 Cents Only Stores LLC

(the “Company”) announced its financial results for the third quarter of fiscal 2017 ended October 28, 2016.

 

Geoffrey Covert, President and Chief Executive Officer, stated, “The third quarter was a productive period for 99 Cents Only Stores, highlighted by continued sales momentum, improved margins and strong year-over-year growth in Adjusted EBITDA. Net sales for the third quarter were $500.1 million, up 1.8% over the prior year period, with sales up 0.8% on a same-store basis. Importantly, Adjusted EBITDA of $8.6 million was up 68% compared to the prior year, representing our first quarter of year-over-year growth in Adjusted EBITDA since fiscal 2015. Underlying these improved results is a solid liquidity position that we believe will meet our current requirements and future growth objectives.”

 

Mr. Covert continued, “Our performance provides strong evidence that our turnaround initiatives are on the right track, and our talented and capable management team continues to execute our strategy and drive value for our stakeholders.”

 

Third Quarter Financial Results

 

For the third quarter of fiscal 2017, the Company’s net sales increased 1.8%, to $500.1 million, compared to $491.5 million in the third quarter of fiscal 2016. Same-store sales increased 0.8% compared to the third quarter of fiscal 2016, with higher average ticket of 1.1% offset by lower customer traffic of 0.3%. The increase in same-store sales was primarily due to higher sales from fresh offerings, as a result of improved product availability and higher in-stock levels due to improvements in the allocation and replenishment system and the expansion of the Company’s partnership with third party produce distributors. In addition, seasonal sales increased as a result of an enhanced assortment of merchandise and a uniform merchandising strategy.

 


The following information was filed by 99 Cents Only Stores Llc (NCSO) on Friday, December 9, 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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Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
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 - 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)
Basis Of Presentation And Summary Of Significant Accounting Policies - Reclassification (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Comprehensive Loss
Comprehensive Loss (details)
Comprehensive Loss (tables)
Debt
Debt (details)
Debt (tables)
Derivative Financial Instruments
Derivative Financial Instruments (details)
Derivative Financial Instruments (tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments - Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis (details)
Fair Value Of Financial Instruments - Change In Level 3 Investments (details)
Fair Value Of Financial Instruments - Estimated Fair Value And Fair Value Adjustment (details)
Fair Value Of Financial Instruments - Fair Value Hierarchy (details)
Financial Guarantees
Financial Guarantees (tables)
Financial Guarantees - Balance Sheets (details)
Financial Guarantees - Cash Flows (details)
Financial Guarantees - Statements Of Comprehensive Income (loss) (details)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (tables)
Goodwill And Other Intangibles - Finite And Indefinite Lived Intangible Assets (details)
Goodwill And Other Intangibles - Unfavorable Leases (details)
Income Taxes
Income Taxes (details)
New Authoritative Standards
New Authoritative Standards (details)
Other Accrued Expenses
Other Accrued Expenses (details)
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)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)

Material Contracts, Statements, Certifications & more

99 Cents Only Stores Llc provided additional information to their SEC Filing as exhibits

Ticker: NCSO
CIK: 1011290
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-16-161530
Submitted to the SEC: Fri Dec 09 2016 4:36:31 PM EST
Accepted by the SEC: Fri Dec 09 2016
Period: Friday, October 28, 2016
Industry: Retail Variety Stores

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