99 Cents Only Stores
, a one-price retail chain, said Monday it expects lower earnings in its second quarter ended Sept. 30, on higher expenses.
The City of Commerce, Calif.-based company expects second-quarter earnings to be breakeven, compared with 2 cents a share in the year-ago period. Analysts polled by Thomson First Call were expecting earnings of 4 cents a share.
Second-quarter revenue is expected to increase 6.1% from a year ago to $261.1 million in line with analysts' expectation. Same-store sales for the quarter is expected to increase 1.2% from a year ago.
The company said that filing of its 2006 Form 10-K and Form 10-Q for the second quarter will be delayed till it completes its review and audit procedures.
Shares fell 29 cents to $11.37.
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