NEW YORK (
) -- Discounter
99 Cents Only Stores
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.
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.