Exhibit 99.1


   99¢ ONLY STORES® REPORTS FOURTH QUARTER AND FULL-YEAR FISCAL 2008 FINANCIAL RESULTS

Fourth quarter improvements are offset primarily by unexpected end of year shrink, resulting in a loss for the fourth quarter

Temporarily suspends expansion in Texas while evaluating the Texas market

Authorizes share repurchase of up to $30 million

CITY OF COMMERCE, California – June 11, 2008 - 99¢ Only Stores® (NYSE:NDN) (the “Company”) announces its financial results for the fourth quarter and full-year fiscal 2008 ended March 29, 2008.  The Company is filing its Form 10-K for the year ended March 29, 2008 concurrently with this release.

Fourth Quarter Fiscal 2008 Financial Summary:

 
§
Increased Q4 net sales by 4.5% to $290.5 million, with a 1.5% same-store sales increase

 
§
Purchasing costs improved by 111 basis points compared to fourth quarter last year attributed primarily to variable pricing strategies and also the benefit of higher margin sales due to the Easter holiday sales shift

 
§
Retail operating costs improved 8 basis points compared to fourth quarter last year despite increases in minimum wages on January 1, 2008

 
§
Distribution and transportation costs improved 13 basis points compared to fourth quarter last year despite increases in fuel costs and the impact of minimum wage increases 

 
§
Reversal of previous shrink improvement  trend led to shrink in Q4 that was $5.5 million higher than expected based on physical inventory counts and year-end inventory reconciliations

 
§
The unexpected shrink contributed to a Q4 net loss of ($4.4) million or ($0.06) per diluted share, despite progress in other cost areas

Eric Schiffer, CEO of 99¢ Only Stores said, “Although our comp sales were positive in the fourth quarter and we made progress in several cost areas including improvements in productivity, these accomplishments were more than offset by higher than anticipated shrink in the second half of fiscal 2008 resulting in a fourth quarter shrink expense that was $5.5 million higher than we expected.  While we have reduced the increased scrap related shrink experienced last summer, we expected to have better results regarding theft related shrink. We have now identified and commenced special shrink reduction measures for certain high shrink areas.  Additionally, we continue to refine our use of a loss prevention exception reporting software system that we believe has begun to reduce theft at the retail cash registers.  In April, we implemented the capability to promptly track our inventory levels at each store monthly to identify suspicious buildups in inventory levels.  We are also temporarily increasing the number of store inventory counts.  This summer we will complete additional weekly reporting systems to establish tighter transaction controls.  We believe that these measures combined with heightened store operations focus and additional investigative loss prevention resources will materially reduce shrink in fiscal 2009.”

 
 

 

The net loss for the fourth quarter of fiscal 2008 was ($4.4) million, or ($0.06) per diluted share, compared to a net loss of ($1.0) million, or ($0.01) per diluted share, for the fourth quarter of fiscal 2007.

Net sales for fourth quarter fiscal 2008 were $290.5 million, a 4.5% increase compared to net sales of $277.9 million for the fourth quarter of fiscal 2007.  Retail sales for the fourth quarter were $280.8 million, up 5.1% compared to retail sales of $267.2 million last year.  The fourth quarter of fiscal 2008 contained 89 days of sales compared to 90 days in the prior year period due to our recent change in fiscal year to a weekly retail fiscal calendar.  Same-store sales for the fourth quarter increased 1.5% versus the 89 day period ending Saturday, March 31, 2007, marking the Company’s tenth consecutive quarter of same-store-sales growth.  The increase in same-store sales is attributable to an increase in transactions.

Gross profit for the fiscal 2008 fourth quarter was $108.1 million, compared to $109.6 million in the fourth quarter of the prior year. The Company's gross profit margin was 37.2% in the fiscal 2008 fourth quarter versus 39.4% in the fourth quarter of the prior year. Purchasing costs did improve by 111 basis points during the quarter, but this was more than offset by a significantly higher than anticipated shrink expense of $15.5 million for the quarter, or 5.4% of sales, compared to $4.7 million, or 1.7% of sales in the fourth quarter of fiscal 2007.  In fiscal 2007, after conducting our year end inventory physical counts and inventory reconciliation procedures, the Company had lower than expected shrink. Based on the physical inventory counts and information available through February and the shrink rate for the third quarter of 3.5%, the Company had anticipated a shrink rate of approximately 3.5% or $10 million in the fourth quarter, $5.5 million less than the year end result charged to the fourth quarter of fiscal 2008.  Selling, general and administrative expense as a percentage of net sales was 37.5% or $109.0 million for fourth quarter fiscal 2008 compared to 37.4% or $104.0 million in the fourth quarter of the prior year.  The Company made cost improvements in retail operations and distribution and transportation despite increased minimum wage rates and increased fuel costs.   These improvements were offset by a slight increase in corporate G&A and other expenses.

Mr. Schiffer continued, “Despite our disappointing shrink results, we are encouraged by the solid progress we made with our profit improvement plan in the fourth quarter of fiscal 2008.  As we began to implement this plan in the fourth quarter, many aspects of this initiative were very encouraging, including flexible pricing, which positively impacted our results by improving our margins on many products without significantly decreasing our sales.  We are finding that with our new variable pricing below 99¢, in addition to improving our purchase costs, we are able to increase our product assortment and improve our merchandise mix.  We expect to continue to capitalize on this opportunity in a material way in fiscal 2009.  In the fourth quarter, we were also able to meaningfully improve certain aspects of our operating expenses, as we offset inflationary cost pressures, decreasing our labor and distribution costs as a percentage of sales despite facing higher minimum wages and rising fuel costs.  This summer, we will complete the racking of our main distribution center which is incurring some costs to implement, but in the second half of the fiscal year will improve our productivity.  Our buyers are also controlling our inventory levels more effectively, having reduced our inventory level by approximately $14 million from fiscal year ended March 31, 2007, in spite of growing sales.  We continue to enjoy great relationships with our vendors and believe that we are well-positioned to continue to attract new customers seeking quality products at an amazing value.

 
Page 2 of 11

 

“We believe that we are in the right place at the right time given today’s rising food prices and consumer’s focus on finding low cost options for quality meals, as well as our unique position in the grocery closeout arena. In fact, an independent cookbook entitled, The 99¢ Only Stores Cookbook, Gourmet Recipes at Discount Prices, was just published in April and has already been featured on television and in the press.”

For the full fiscal year ended March 29, 2008, net sales increased 8.6% to $1,199.4 million, from net sales of $1,104.7 million for fiscal 2007.  Retail sales for fiscal 2008 were $1,158.9 million versus $1,064.5 million in fiscal 2007.  Same-store sales increased 4.0% in fiscal 2008 versus the prior year.  The same-store sales increase was attributable to both a 3.0% increase in transaction counts as well as a 1.0% increase in average ticket price.  Net income was $2.9 million, or $0.04 per diluted share, for the fiscal 2008 full year, compared to net income of $9.8 million, or $0.14 per diluted share, in the fiscal 2007 full year.

For the full fiscal year ended March 29, 2008, operating cash flow was $45.2 million. As of March 29, 2008, total cash and investments were $131.7 million.

UPDATE ON PROFIT IMPROVEMENT PLAN:

The Company outlined a five-point profit improvement plan in its third quarter earnings release.  Below is an update regarding the progress made during the fourth quarter:

1.
Re-pricing and Re-merchandising

 
·
Variable pricing implemented extensively in all stores

 
·
Added items in most categories to the variable pricing program

 
·
Increased emphasis on high profile merchandising of higher margin items

2.
Store Labor Cost Reduction

 
·
Improved store labor costs in spite of minimum wage increases through tighter management of store overtime and overall store labor productivity improvements

 
·
Designed and tested use of less labor intensive displays, fixtures, and packaging to be implemented during fiscal 2009

3.
Distribution Center and Transportation Efficiencies:

 
·
Installation of new, more labor efficient racking system in main California DC on track for completion this summer

 
Page 3 of 11

 

 
·
Reduced overall distribution and transportation costs as a percent of sales in spite of rising fuel costs through variable pricing, improved labor productivity, more effective scheduling, and reduced backhauls from stores

 
·
Increased inventory turns through better management of inventory levels at the distribution centers

4.
Controlled New Store Expansion Plan:

 
·
See Store Openings update below

5.
Increasing Profitability in New Markets:

 
·
See Texas market update below

OUTLOOK

The Company expects to experience higher shrink than had been previously anticipated and the first quarter of fiscal 2009 will be comparing against a first quarter of fiscal 2008 that included a sales and margin benefit from Easter and a one-time tax benefit of approximately $1.3 million.  However, the Company expects to achieve its previously summarized initiatives to increase annual Earnings Before Tax in the coming years against the baselines previously outlined in February 2008.  Variable pricing initiatives have led to valuable insights into the drivers of product profitability and have led to further tests of pricing and merchandising.  Additional improvements, restructuring costs, and investments may be identified and quantified as the current strategic planning process continues.

STORE OPENINGS

The Company opened 16 new stores and closed two Texas stores upon lease expiration during fiscal 2008, bringing its store count at the end of fiscal 2008 to 265 stores, from 251 at the end of fiscal 2007.   In fiscal 2009, the Company plans to open approximately 19 new stores with about 13 in California and the rest in Texas, Arizona and Nevada.  In April and May, the Company opened four stores and expects to open an additional five by the end of June and five more during the second quarter.

TEXAS MARKET UPDATE

As previously announced, the Company is conducting a broad-ranging strategic analysis of its Texas market.  Specifically, the Company is evaluating its ability to compete and grow with sufficient profitability in Texas.  Although this analysis is not complete, the Company has determined at this stage to close certain under-performing stores upon lease termination, continue to reduce the size of the existing larger stores to a more optimal size, temporarily suspend store openings except for two stores due to existing commitments, and to actively pursue alternatives to restructure its existing distribution facility and transportation strategy.  As the strategic analysis is completed, the Company may make additional material decisions of greater scope and impact and will provide updates at the appropriate time.
 
Page 4 of 11

 
SHARE REPURCHASE PROGRAM

Based on the Company’s outlook, cash position, and stock price relative to potential value, the Company's Board of Directors has authorized a share repurchase program for the purchase of up to $30 million of the Company's common stock. Under the authorization, the Company may purchase shares from time to time in the open market or in privately negotiated transactions in compliance with the applicable rules and regulations of the Securities and Exchange Commission.  However, the timing and amount of such purchases, if any, will be at the discretion of management, and will depend on market conditions and other considerations which may change.  The Company will not initiate any share repurchases until after the release of earnings for the first quarter of fiscal 2009, expected to be released during the second week of August, 2008.

ANNUAL MEETING DATE

The Annual Meeting will be held on Tuesday, September 23, 2008 in City of Commerce, California.  Further details will be provided in the proxy statement for the meeting.


CONFERENCE CALL DETAILS

The Company’s conference call to discuss our fourth quarter and the other matters described in this release is scheduled for today, Wednesday, June 11, 2008 at 1:30 p.m. Pacific Time.  Investors interested in participating in the live call can dial (800) 762-8795 from the U.S.  International callers can dial (480) 248-5085.  Please phone in approximately 10 minutes before the call is scheduled to begin and hold for an operator to assist you.  Please inform the operator that you are calling in for 99¢ Only Stores’ Fourth Quarter Fiscal 2008 Earnings Release conference call, and be prepared to provide the operator with your name, company name, and position if requested.  A telephone replay will be available approximately two hours after the call concludes and will be available through Wednesday, June 25, 2008, by dialing (800) 406-7325 from the U.S., or (303) 590-3030 from international locations, and entering confirmation code 3889054.

A copy of this press release and any other financial and statistical information about the period to be presented in the conference call will be available prior to the call at the section of the Company’s website entitled “Investor Relations” at www.99only.com.

 
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EXCERPTED INFORMATION FROM FORM 10-K FOR THE YEAR ENDED MARCH 29, 2008
99¢ ONLY STORES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

   
March 29,
2008
   
March 31,
2007
 
ASSETS
           
Current Assets:
           
Cash
  $ 9,462     $ 983  
Short-term investments
    80,393       117,013  
Accounts receivable, net of allowance for doubtful accounts of $159 and $252 as of March 29, 2008 and March 31, 2007, respectively
    2,144       2,687  
Income taxes receivable
    2,712       2,784  
Deferred income taxes
    29,221       28,343  
Inventories, net
    138,167       152,793  
Assets held for sale
    8,724        
Other
    7,217       8,931  
Total current assets
    278,040       313,534  
Property and equipment, net
    287,082       273,566  
Long-term deferred income taxes
    27,906       17,760  
Long-term investments in marketable securities
    41,852       23,873  
Deposits and other assets
    14,530       14,402  
Total assets
  $ 649,410     $ 643,135  
                 
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
Current Liabilities:
               
Accounts payable
  $ 25,048     $ 28,934  
Payroll and payroll-related
    10,181       9,361  
Sales tax
    5,527       4,519  
Other accrued expenses
    16,511       17,275  
Workers’ compensation
    42,814       43,487  
Current portion of capital lease obligation
    59       55  
Construction loan, current
    7,319       13  
Total current liabilities
    107,459       103,644  
Deferred rent
    10,663       8,320  
Deferred compensation liability
    4,213       4,014  
Capital lease obligation, net of current portion
    584       644  
Construction loan, non-current
          7,286  
Total liabilities
    122,919       123,908  
Commitments and contingencies (Note 6 and 7)
               
Shareholders’ Equity:
               
Preferred stock, no par value – authorized, 1,000,000 shares; no shares issued or outstanding
           
Common stock, no par value – authorized, 200,000,000 shares; issued and outstanding, 70,060,491 shares at March 29, 2008 and 69,941,719 shares at March 31, 2007
    228,673       223,414  
Retained earnings
    298,478       295,585  
Other comprehensive (loss) income
    (660 )     228  
Total shareholders’ equity
    526,491       519,227  
Total liabilities and shareholders’ equity
  $ 649,410     $ 643,135  

 
Page 6 of 11

 

99¢ ONLY STORES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

   
Years Ended
 
   
March 29, 2008
   
March 31, 2007
   
March 31, 2006
 
Net Sales:
                 
99¢ Only Stores
  $ 1,158,856     $ 1,064,518     $ 984,293  
Bargain Wholesale
    40,518       40,178       39,296  
Total sales
    1,199,374       1,104,696       1,023,589  
Cost of sales (excluding depreciation and amortization expense shown separately below)
    738,499       672,101       640,140  
Gross profit
    460,875       432,595       383,449  
Selling, general and administrative expenses:
                       
Operating expenses (includes asset impairment of $531, $0 and $800 for the years ended March 29, 2008, March 31, 2007 and March 31, 2006, respectively)
    433,940       393,351       340,371  
Depreciation and amortization
    33,321       32,675       31,424  
Total selling, general and administrative expenses
    467,261       426,026       371,795  
Operating income (loss)
    (6,386 )     6,569       11,654  
Other (income) expense:
                       
Interest income
    (7,182 )     (7,948 )     (5,059 )
Interest expense
    953       1,181       122  
Other
    (445 )     (665 )     (147 )
Total other (income), net
    (6,674 )     (7,432 )     (5,084 )
Income before provision for income taxes
    288       14,001       16,738  
Provision (benefit) for income taxes
    (2,605 )     4,239       5,316  
Net income
  $ 2,893     $ 9,762     $ 11,422  
                         
                         
Earnings per common share:
                       
Basic
  $ 0.04     $ 0.14     $ 0.16  
Diluted
  $ 0.04     $ 0.14     $ 0.16  
                         
Weighted average number of common shares outstanding:
                       
Basic
    70,044       69,862       69,553  
Diluted
    70,117       70,017       69,737  

 
Page 7 of 11

 

99¢ ONLY STORES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, except per share data)

   
Years Ended
 
   
March 29, 2008
   
March 31, 2007
   
March 31, 2006
 
                   
Cash flows from operating activities:
                 
Net income
  $ 2,893     $ 9,762     $ 11,422  
Adjustments to reconcile net income to net cash provided by operating activities:
                       
Depreciation and amortization
    33,321       32,675       31,424  
Loss on disposal and impairment of fixed assets
    655       171       999  
Excess tax benefit from share-based payment arrangements
    (130 )     (645 )      
Deferred income taxes
    (11,024 )     (5,934 )     (5,589 )
Stock-based compensation expense
    4,184       5,224       173  
Tax benefit from exercise of non qualified employee stock options
     263        1,032        57  
Changes in assets and liabilities associated with operating activities:
                       
Sales of short-term investments, net
                36,040  
Accounts receivable
    543       506       1,558  
Inventories
    13,750       (11,887 )     (7,232 )
Deposits and other assets
    3,031       (3,533 )     2,639  
Accounts payable
    (5,676 )     (9,398 )     16,415  
Accrued expenses
    1,644       4,672       1,006  
Accrued workers’ compensation
    (673 )     (738 )     5,867  
Income taxes
    72       6,013       (11,540 )
Deferred rent
    2,343       586       (731 )
Net cash provided by operating activities
    45,196       28,506       82,508  
                         
                         
Cash flows from investing activities:
                       
Purchases of property and equipment
    (54,388 )     (47,007 )     (47,600 )
Purchase of investments
    (151,377 )     (125,991 )     (134,984 )
Sale and maturity of available for sale securities
    168,142       137,366       96,944  
Net cash used in investing activities
    (37,623 )     (35,632 )     (85,640 )
                         
                         
Cash flows from financing activities:
                       
Payments of capital lease obligation
    (56 )     (75 )     (289 )
Proceeds from exercise of stock options
    812       1,456       89  
Proceeds from the consolidation of construction loan
    20       1,125       6,174  
Excess tax benefit from share-based payment arrangements
    130       645        
Net cash provided by financing activities
    906       3,151       5,974  
Net increase (decrease) in cash
    8,479       (3,975 )     2,842  
Cash - beginning of period
    983       4,958       2,116  
Cash - end of period
  $ 9,462     $ 983     $ 4,958  

 
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99¢ ONLY STORES
Fourth Quarter Fiscal 2008 and 2007
Management Analysis
(Unaudited, Amounts in millions)

   
Q4 F2008
         
Q4 F2007
         
Change in
 
                               
Percentage of
 
   
$MMs
   
%
   
$MMs
   
%
   
Sales
 
Revenues
                             
Better (Worse)
 
                                   
Retail
  $ 280.8           $ 267.2              
Bargain Wholesale
  $ 9.8           $ 10.8              
                                   
Total
  $ 290.5       100.00 %   $ 277.9       100.00 %      
                                       
Cost of Goods Sold
                                     
                                       
Purchase Cost
  $ 166.9       57.46 %   $ 162.8       58.56 %     1.11 %
Shrink (including scrap)
  $ 15.5       5.35 %   $ 4.7       1.70 %     -3.65 %
Other
  $ (0.1 )     -0.03 %   $ 0.8       0.30 %     0.33 %
                                         
Total Cost of Goods Sold
  $ 182.4       62.78 %   $ 168.3       60.56 %     -2.22 %
                                         
Gross Margin
  $ 108.1       37.22 %   $ 109.6       39.44 %     -2.22 %
                                         
Selling, General and Administrative Expenses
                                       
                                         
Retail Operating
  $ 76.0       26.17 %   $ 72.9       26.24 %     0.08 %
Distribution and Transportation
  $ 17.3       5.96 %   $ 16.9       6.08 %     0.13 %
Corporate G&A
  $ 13.8       4.76 %   $ 13.0       4.69 %     -0.07 %
Other
  $ 1.8       0.62 %   $ 1.1       0.39 %     -0.23 %
                                         
Operating Expenses
  $ 109.0       37.51 %   $ 104.0       37.41 %     -0.10 %
Depreciation & Amortization
  $ 8.6       2.95 %   $ 8.1       2.90 %     -0.05 %
                                         
Total Operating Expenses
  $ 117.5       40.46 %   $ 112.0       40.31 %     -0.15 %
                                         
Operating Income
  $ (9.4 )     -3.23 %   $ (2.4 )     -0.87 %     -2.37 %
                                         
Other (Income) Expense
  $ (1.3 )     -0.45 %   $ (1.8 )     -0.64 %     -0.19 %
                                         
Provision (benefit) for Income Taxes
  $ (3.7 )           $ 0.4               0.00 %
                                         
Net Income
  $ (4.4 )     -1.52 %   $ (1.0 )     -0.38 %     -1.15 %
                                         
EPS
                                       
Basic
  $ (0.063 )           $ (0.015 )                
Diluted
  $ (0.063 )           $ (0.015 )                
                                         
Shares Outstanding
                                       
Basic
    70,060               69,933                  
Diluted
    70,060               69,933                  
 
Page 9 of 11

 
99¢ ONLY STORES
Full Year Fiscal 2008 and 2007
Management Analysis
(Unaudited, Amounts in millions)
 
   
F2008
         
F2007
         
Change in
 
                               
Percentage of
 
   
$MMs
   
%
   
$MMs
   
%
   
Sales
 
Revenues
                             
Better (Worse)
 
                                   
Retail
  $ 1,158.9           $ 1,064.5              
Bargain Wholesale
  $ 40.5           $ 40.2              
                                   
Total
  $ 1,199.4       100.00 %   $ 1,104.7       100.00 %      
                                       
Cost of Goods Sold
                                     
                                       
Purchase Cost
  $ 691.8       57.68 %   $ 645.2       58.41 %     0.73 %
Shrink (including scrap)
  $ 44.4       3.70 %   $ 29.3       2.65 %     -1.05 %
Other
  $ 2.3       0.19 %   $ (2.4 )     -0.22 %     -0.41 %
                                         
Total Cost of Goods Sold
  $ 738.5       61.57 %   $ 672.1       60.84 %     -0.73 %
                                         
Gross Margin
  $ 460.9       38.43 %   $ 432.6       39.16 %     -0.73 %
                                         
Selling, General and Administrative Expenses
                                       
                                         
Retail Operating
  $ 304.5       25.39 %   $ 278.5       25.21 %     -0.18 %
Dsitribution and Transportation
  $ 71.6       5.97 %   $ 61.7       5.58 %     -0.39 %
Corporate G&A
  $ 51.5       4.29 %   $ 47.8       4.33 %     0.03 %
Other
  $ 6.3       0.53 %   $ 5.4       0.49 %     -0.04 %
                                         
Operating Expenses
  $ 433.9       36.18 %   $ 393.4       35.61 %     -0.57 %
Depreciation & Amortization
  $ 33.3       2.78 %   $ 32.7       2.96 %     0.18 %
                                         
Total Operating Expenses
  $ 467.3       38.96 %   $ 426.0       38.56 %     -0.39 %
                                         
Operating Income
  $ (6.4 )     -0.53 %   $ 6.6       0.59 %     -1.13 %
                                         
Other (Income) Expense
  $ (6.7 )     -0.56 %   $ (7.4 )     -0.67 %     -0.12 %
                                         
Provision (benefit) for Income Taxes
  $ (2.6 )           $ 4.2               0.00 %
                                         
Net Income
  $ 2.9       0.24 %   $ 9.8       0.89 %     -0.65 %
                                         
EPS
                                       
Basic
  $ 0.041             $ 0.140                  
Diluted
  $ 0.041             $ 0.140                  
                                         
Shares Outstanding
                                       
Basic
    70,044               69,862                  
Diluted
    70,117               70,017                  
 
Page 10 of 11


*           *           *           *           *

99¢ Only Stores®, the nation's oldest existing one-price retailer, operates 269 extreme value retail stores in California, Texas, Arizona and Nevada, and also operates a wholesale division, Bargain Wholesale. The Company’s next five stores are scheduled to open later this month. 99¢ Only Stores® emphasizes quality name-brand consumables, priced at an excellent value, in convenient, attractively merchandised stores, where nothing is over 99¢.

We have included statements in this release that constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act and Section 27A of the Securities Act. The words "expect," "estimate," "anticipate," "predict," "believe," “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Such statements appear in this release and include statements regarding the intent, belief or current expectations of the Company, its directors or officers with respect to, among other things, trends affecting the financial condition or results of operations of the Company, the business and growth strategies of the Company, the results of our initiatives to address shrink, and the results of the Company’s operational and other improvements, including pursuant to the Company’s profit improvement plan. The shareholders of the Company and other readers are cautioned not to put undue reliance on such forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected in this release for the reasons, among others, discussed in the reports and other documents the Company files from time to time with the Securities and Exchange Commission, including the risk factors contained in the Section – “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Note to Editors: 99¢ Only Stores® news releases and information available on the World Wide Web at http://www.99only.com.  Contact Rob Kautz, EVP & CFO, 323-881-1293.

 
Page 11 of 11


The following information was filed by 99 Cents Only Stores Llc (NCSO) on Wednesday, June 11, 2008 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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