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99 Cents Only Stores Llc (NCSO) SEC Filing 10-K Annual report for the fiscal year ending Friday, January 27, 2017

99 Cents Only Stores Llc

CIK: 1011290 Ticker: NCSO

Exhibit 99.1

 

GRAPHIC

 

99 CENTS ONLY STORES REPORTS STRONG FOURTH QUARTER

AND FULL YEAR FISCAL 2017 RESULTS

 

Fourth Quarter Fiscal 2017 Overview:

 

·                  Net sales increased 6.7% to $552.5 million compared to the prior year

·                  Same-store sales increased by 6.4% compared to the prior year

·                  Gross margin, as a percentage of net sales, increased to 30.1%, up from 26.7% in the prior year

·                  Net loss was $20.9 million compared to net loss of $18.4 million in the prior year

·                  Adjusted EBITDA(1) was $23.4 million compared to $2.4 million in the prior year

 

Full-Year Fiscal 2017 Overview:

 

·                  Net sales increased 2.9% to $2,062.0 million compared to the prior year

·                  Same-store sales increased by 2.1% compared to the prior year

·                  Gross margin, as a percentage of net sales, increased to 29.2%, up from 28.1% in the prior year

·                  Net loss was $118.2 million compared to $248.0 million in the prior year

·                  Adjusted EBITDA increased 28% to $50.6 million compared to the prior year

 

CITY OF COMMERCE, California — April 20, 2017 — 99 Cents Only Stores LLC

(the “Company”) announced its financial results for the fourth quarter and full fiscal year of 2017 ended January 27, 2017 (“fiscal 2017”).

 

Geoffrey Covert, President and Chief Executive Officer, stated, “We concluded fiscal 2017 with a strong fourth quarter driven by growth in same store sales, expanding margins and lower inventory levels. As a result, we continued to solidify 99 Cents Only Stores’ liquidity position while generating significant year-over-year growth in adjusted EBITDA.”

 

Mr. Covert continued, “Net sales for the fourth quarter were $552.5 million, up 6.7% over the prior year period. On a same-store basis, sales were up an impressive 6.4%, resulting from a 4.4% increase in basket, coupled with a 1.9% increase in transaction count. In addition, fourth quarter gross margin of 30.1% improved 340 basis points year-over-year, primarily due to our concerted efforts to improve shrink and scrap and execution in our logistics network. I am also pleased with our continued success in inventory management as total inventory declined on both a year-over-year and sequential quarter basis.  Importantly, adjusted EBITDA was $23.4 million for the fourth quarter compared to $2.4 million in the fourth quarter of last year.  For the full year, adjusted EBITDA of $50.6 million was up 28% compared to the prior year. We are encouraged by this result, which represents the reversal of a two-year decline in adjusted EBITDA.”

 


The following information was filed by 99 Cents Only Stores Llc (NCSO) on Thursday, April 20, 2017 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 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 (loss) (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)
Basis Of Presentation And Summary Of Significant Accounting Policies - Reclassification And Immaterial Error Correction (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
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 On A Nonrecurring Basis (details)
Fair Value Of Financial Instruments - Changes In Level 3 Instruments (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 - Condensed Consolidated Statements Of Cash Flows (details)
Financial Guarantees - Condensed Consolidated Statements Of Comprehensive Income (loss) (details)
Financial Guarantees - Condensed Consolidating Balance Sheets (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
New Authoritative Standards (details)
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: 0001104659-17-026424
Submitted to the SEC: Wed Apr 26 2017 5:08:44 PM EST
Accepted by the SEC: Wed Apr 26 2017
Period: Friday, January 27, 2017
Industry: Retail Variety Stores

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