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99 Cents Only Stores Llc (NCSO) SEC Filing 10-Q Quarterly report for the period ending Friday, April 28, 2017

99 Cents Only Stores Llc

CIK: 1011290 Ticker: NCSO

Exhibit 99.1

 

 

99 CENTS ONLY STORES REPORTS STRONG FIRST QUARTER FISCAL 2018 RESULTS

 

First Quarter Fiscal 2018 Overview:

 

·                  Net sales increased 6.7% to $547.5 million compared to the prior year

·                  Same-store sales increased by 6.9% compared to the prior year

·                  Gross margin, as a percentage of net sales, increased to 29.7%, up from 29.0% in the prior year

·                  Net loss was $8.8 million compared to net loss of $25.2 million in the prior year

·                  Adjusted EBITDA(1) increased 22.3% to $16.3 million compared to the prior year

 

CITY OF COMMERCE, California — June 8, 2017 — 99 Cents Only Stores LLC

(the “Company”) announced its financial results for the first quarter ended April 28, 2017.

 

Geoffrey Covert, President and Chief Executive Officer, stated, “The ongoing execution of our turnaround plan that began to produce operating momentum last year has continued in the first quarter of fiscal 2018 and helped generate solid first quarter results.”

 

Mr. Covert continued, “Net sales for the first quarter were $547.5 million, up 6.7% over the prior year period. On a same-store basis, sales increased 6.9%, resulting from a 2.5% increase in basket, along with a 4.2% increase in transaction count. This increase was primarily driven by our emphasis on improving the customer shopping experience through improvements to merchandising and in-stock levels, particularly in our fresh categories, general merchandise and seasonal merchandise. We also continue to benefit from our concerted effort to improve operational efficiencies.  First quarter gross margin improved 70 basis points year-over-year, driven primarily by   our success in reducing shrink and scrap and improved execution in our logistics network. In addition, inventory levels are more than 30% lower than they were when the current management team arrived and we have significantly reduced our warehouse footprint.”

 

Mr. Covert concluded, “Our improved operational performance has also helped the Company to continue to improve its overall liquidity position.  Cash borrowings under our ABL facility as of the end of the first quarter were $33.1 million, down $6.2 million from the prior quarter and down $6.9 million from a year ago.  Importantly, adjusted EBITDA was $16.3 million for the first quarter, up 22.3% compared to the prior year. We are encouraged by this result and we continue to expect to achieve meaningful adjusted EBITDA growth during fiscal 2018.”

 

First Quarter Financial Results

 

For the first quarter of fiscal 2018, the Company’s net sales increased 6.7% to $547.5 million, compared to $512.9 million in the first quarter of fiscal 2017. Same-store sales increased 6.9% compared to the first quarter of fiscal 2017, with higher customer traffic of 4.2% in addition to higher average ticket of 2.5%. The increase in same-store sales was primarily driven by higher sales from general and seasonal merchandise, in part due to

 


The following information was filed by 99 Cents Only Stores Llc (NCSO) on Thursday, June 8, 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-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 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 - Cash (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 And Leases (details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Property And Equipment And Long-lived Assets (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 - 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 - 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 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
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
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Stock-based Compensation (tables)

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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: 0001104659-17-038408
Submitted to the SEC: Fri Jun 09 2017 4:03:59 PM EST
Accepted by the SEC: Fri Jun 09 2017
Period: Friday, April 28, 2017
Industry: Retail Variety Stores

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