Apparently, 99 cents is about as much people are willing to spend right now.
But this is good news for
99 Cents Only Stores
which swung to a profit in its fourth quarter.
And investors are still rewarding the company a day after the announcement was made, with shares soaring 17.5% to close at $12.61 on Wednesday.
The discounter earned $7 million during the quarter, or 10 cents a share, from a loss of $4.4 million or 6 cents, in the year-ago period.
Revenue swelled 13% to $329.2 million from $290.5 million last year.
, Value-priced retailers, such as
, have been able to pick up market share as consumers trade down on basic household goods.
The company is currently in the process of evaluating the future of its Texas business.
Shares of the company ended the day up 3% to $10.73, and continued to climb 2% in after-market trading.
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