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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 Companys 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 Companys 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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