99 Cents Only Swings to Profit

CITY OF COMMERCE, Calif. (TheStreet) -- 99 Cents Only Stores(NDN Quote) swung to a profit in the second quarter as the company's sales improved.

During the quarter, the discounter earned $9.6 million, or 14 cents a share, compared with a loss of $9.4 million, or 13 cents, in the year-ago period. Analysts expected the company to earn 8 cents a share.

Sales increased 2% to $324.7 million from $317.8 million, while same-store sales rose 2.3%.

Looking ahead, management expects to post positive same-store sales in the low-single digits in the third quarter.

Shares of the company slipped 2.9% to $11.69 in after-market trading.

-- Reported by Jeanine Poggi in New York

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