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99 Cents Only Stores Llc (NCSO) SEC Filing 10-Q Quarterly report for the period ending Friday, October 27, 2017

99 Cents Only Stores Llc

CIK: 1011290 Ticker: NCSO

Exhibit 99.1

 

 

99 CENTS ONLY STORES REPORTS STRONG THIRD QUARTER FISCAL 2018 RESULTS

 

Third Quarter Fiscal 2018 Highlights:

 

·                  Net sales increased to $553.6 million, up 10.7% compared to the prior year

·                  Same-store sales increased by 11.3% compared to the prior year

·                  Gross margin, as a percentage of net sales, increased to 29.4%, up from 29.0% in the prior year

·                  Net loss was $27.1 million compared to net loss of $37.0 million in the prior year

·                  Adjusted EBITDA(1) increased 91.6% to $16.5 million compared to the prior year

·                  Subsequent to the third quarter, the Company completed transactions to refinance its existing term loan facility

 

CITY OF COMMERCE, California — December 7, 2017 — 99 Cents Only Stores LLC

(the “Company”) announced its financial results for the third quarter ended October 27, 2017.

 

Geoffrey Covert, President and Chief Executive Officer, stated, “Our results in the third quarter highlight our ongoing success in executing our turnaround plan and the strong operating momentum that continues to build at 99 Cents Only Stores. I am proud of our top line performance, which drove improved profitability.  Net sales for the third quarter were $553.6 million, up 10.7% over the same period last year. On a same-store basis, sales increased 11.3%, resulting from a 5.1% increase in transaction count and a 5.8% increase in basket. Similar to recent periods, the sales growth in the quarter was driven by our ongoing emphasis on providing higher-quality merchandise, including our above $1 items and fresh offerings, as well as a better in-stock position and overall improvements in the customer shopping experience.”

 

Mr. Covert continued, “At the bottom line, our third quarter net loss was $27.1 million, an improvement of $9.9 million or 26.9% compared to the third quarter last year. I am pleased to report that third quarter Adjusted EBITDA was $16.5 million, up 91.6% compared to the same period last year. On a year-to-date basis, Adjusted EBITDA of $42.9 million increased 57.9% compared to the same period last year.  We continue to expect to deliver strong Adjusted EBITDA growth in fiscal 2018.”

 

Mr. Covert concluded, “In addition to our solid operational execution, during the quarter, our team dedicated significant time and energy working with our lenders to refinance the Company’s debt obligations. Subsequent to the end of the quarter, we announced the amendment of the Company’s existing term loan facility, which, among other things, extended the maturity date of certain first lien term loans by three years from January 2019 to January 2022, with a springing feature to June 1, 2019 if a certain percentage of the Company’s existing senior notes due in 2019 remain outstanding at that time. This transaction reflects significant support from our stakeholders, and significantly improves our liquidity and debt maturity profile, providing additional runway to execute our turnaround plan and ultimately achieve our objectives of profitable long-term growth.”

 


The following information was filed by 99 Cents Only Stores Llc (NCSO) on Thursday, December 7, 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 (details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Leases (details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Long-lived Assets (details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Property And Equipment (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Comprehensive Loss
Comprehensive Loss (details)
Comprehensive Loss (tables)
Debt
Debt (details)
Debt (tables)
Debt - Deferred Financing Costs (details)
Debt - Interest Expense (details)
Debt - Short And Long Term (details)
Derivative Financial Instruments
Derivative Financial Instruments (tables)
Derivative Financial Instruments - Interest Rate Swap And Payments (details)
Derivative Financial Instruments - Recorded Amounts (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 - 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 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 - Activity (details)
Stock Based Compensation - Awards Available (details)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Awards And Grants (details)
Subsequent Events
Subsequent Events - Amendment To Abl Credit Facility (details)
Subsequent Events - Amendment To First Lien Term Loan Facility (details)
Subsequent Events - Entry Into Second Lien Facility (details)
Subsequent Events - Senior Notes Exchange Offer (details)

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: 0001104659-17-072525
Submitted to the SEC: Fri Dec 08 2017 4:13:53 PM EST
Accepted by the SEC: Fri Dec 08 2017
Period: Friday, October 27, 2017
Industry: Retail Variety Stores

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