99 Cents Spikes on 96% Profit Surge - TheStreet

NEW YORK (

TheStreet

) -- Discounter

99 Cents Only Stores

(NDN)

is spiking in afternoon trading after it reported on Wednesday that profit more than doubled in the third quarter.

During the quarter, 99 Cents Only Stores earned $24.5 million, or 35 cents a share, compared with $12.5 million, or 18 cents, in the year-ago period. Analysts expected a profit of 25 cents a share.

All this ... and 99 Cents Only revenue just inched up 2% to $359.1 million from $351.1 million last year.

Shares in 99 Cents Only are surging 12.2% to $15 in afternoon trading, even as the rest of the retail sector takes a bloodbath.

-- Reported by Jeanine Poggi in New York.

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