99 Cents Only Stores
said Friday that its second quarter sales rose 6.1%.
The City of Commerce, Calif. -based company said total sales for the second quarter ended Sept. 30 was $261.1 million compared with $246 million a year ago. Analysts polled by Thomson First Call were expecting sales of $262.07 million.
The company's same-store sales, or sales at stores open at least a year, increased 1.2% from last year.
The one-price retailer said its retail sales rose 6.7% to $251.8 million. Bargain wholesale sales were $9.3 million compared to $10.1 million in the same quarter of last year.
"We were pleased to continue our positive trend in same-store-sales with a 1.2% increase for the quarter ended September 30, 2006 and to see improvement in both our non-Texas and Texas stores," the City of Commerce, Calif.-based company said. "For our non-Texas stores, the average transaction size increased while the number of transactions was slightly down we believe primarily due to higher gasoline prices."
The company said that as previously announced it slowed down its store opening growth rate to around 5% this fiscal year as it wants to focus on operational improvement. The company will increase its store opening growth rate to about 10% in the 2007 and 15% in 2008 and thereafter 15% a year as it expands into new markets.
During the second quarter, the company opened four new stores, all in California, taking the total number of stores to 241.
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