99 Cents Only Stores Announces Senior Management Changes
Richard Anicetti Assumes Interim CEO Position & Michael Fung Becomes Interim
Chief Administrative Officer
99 Cents Only Reports Preliminary Third Quarter Same Store Sales Results
CITY OF COMMERCE, Calif., Jan. 23, 2013
CITY OF COMMERCE, Calif., Jan. 23, 2013 /PRNewswire/ -- 99¢ Only Stores
announced today that in order to build on recent successes and to execute on
the company's previously announced accelerated growth strategy, Richard
Anicetti is assuming the role of interim CEO. In addition, Michael Fung will
join the company as interim Chief Administrative Officer overseeing finance,
information technology, real estate and various administrative functions of
In connection with the foregoing changes, Eric Schiffer, Jeff Gold and Howard
Gold are no longer employed by the company.
"Since the first 99¢ Only store opened in 1982, the company has grown into one
of the most impressive and differentiated extreme value retailers in the
country," said David Kaplan, Chairman of the Board of Directors and Senior
Partner and Founding Member of Ares Management LLC. "The Gold/Schiffer family
has been instrumental in creating this valuable business and establishing the
widely-admired culture at 99¢ Only Stores. As a result, the company has
flourished and today is positioned for continued growth and success. The
Board of Directors thanks Eric, Jeff, Howard and the rest of the Gold/Schiffer
family for their contribution and is looking forward to working with Rick,
Mike and our dedicated '99ers' to continue our growth trajectory while
providing our customers with excellent value as well as a fun and exciting
Mr. Anicetti has served on the Board of Directors for the past eight months,
and brings more than 20 years of senior management experience in the food
retail business, including serving for eight years as President and CEO of
Food Lion grocery stores, a subsidiary of the Delhaize Group with more than
1,200 locations primarily in the southeastern United States. In addition, he
has been a member of the boards of directors at several other food industry
companies. Mr. Fung brings more than 30 years of experience in value-oriented
retail and finance, most recently serving as Senior Vice President and Chief
Financial Officer of Walmart Stores' U.S. operations.
"Over the next several weeks, Mike and I will be working with other members of
the senior management team and the Board of Directors to ensure a smooth
transition," said Mr. Anicetti. "We expect that business will continue as
usual, and we are excited to get to work on fulfilling the company's vision as
one of the leading extreme value retailers in the country."
99¢ Only Stores also reported continued revenue growth for the holiday season
and the third quarter of fiscal 2013 ended December 29, 2012. Net sales
increased $35.6 million, or 8.8%, to $439.5 million for the third quarter of
fiscal 2013 compared to $403.9 million for the third quarter of fiscal 2012.
Same-store sales, calculated on a comparable 13-week period, increased 4.3%.
About 99¢ Only Stores
Founded in 1982, 99¢ Only Stores currently operates 311 extreme value retail
stores consisting of 227 stores in California, 39 in Texas, 29 in Arizona, and
16 in Nevada. 99¢ Only Stores emphasizes quality name-brand consumables,
priced at an excellent value, in convenient, attractively merchandised stores.
Over half of the Company's sales come from food and beverages, including
produce, dairy, deli and frozen foods, along with organic and gourmet foods.
For more information, visit http://www.99only.com.
Safe Harbor Statement
The Company has included statements in this release that constitute
"forward-looking statements" within the meaning of Section 21E of the
Securities Exchange Act, as amended, and Section 27A of the Securities Act of
1933, as amended. As a general matter, forward-looking statements are those
focused on future or anticipated events or trends, expectations and beliefs
including, among other things, (a) trends affecting the financial condition or
results of operations of the Company and (b) the business and growth
strategies of the Company (including the Company's store opening growth rate)
that are not historical in nature. Such statements are intended to be
identified by using words such as "believe," "expect," "intend," "estimate,"
"anticipate," "will," "project," "plan" and similar expressions in connection
with any discussion of future operating or financial performance. Any
forward-looking statements are and will be based upon the Company's
then-current expectations, estimates and assumptions regarding future events
and are applicable only as of the dates of such statements. Readers are
cautioned not to put undue reliance on such forward-looking statements. Such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, and actual results may differ materially from
those projected in this release for the reasons, among others, discussed in
the reports and other documents the Company files from time to time with the
Securities and Exchange Commission, the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" and "Risk Factors" sections
contained in the Company's Registration Statement on Form S-4 (File No.
333-182582), declared effective on October 9, 2012. The Company undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE 99 Cents Only Stores
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