99 Cents Only Stores
missed Wall Street earnings estimates by a penny in its fiscal third quarter but surpassed revenue expectations.
The discount retail chain on Wednesday reported EPS of 18 cents, 1 cent shy of analyst estimates provided by Thomson Reuters. Sales were up 8% to $351.1 million, while the Street was looking for $327.3 milliion.
In a separate statement, the company also announced it would close one-third of its stores in Texas. The City of Commerce, Calif.-based company originally planned to close all 46 of its Texas stores, but same-store sales recently improved 8.6% in The Lone Star State, making it reconsider.
In its quarterly statement, the company said that "although management is unsure how strongly the challenging economy may affect sales trends in Texas, it does believe 99 Cents Only Stores, similar to other value-focused consumer businesses such as
, is well positioned to benefit from the recessionary economy."
This article was written by a staff member of TheStreet.com.