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July 06, 2015 11:16 AM ET

Multiline Retail

Company Overview of 99 Cents only Stores LLC

Company Overview

99 Cents only Stores LLC retails consumable and general merchandise, and seasonal products. Its stores offer an assortment of regularly available consumer goods, as well as a variety of first-quality closeout merchandise; and domestic and imported fresh produce, deli, dairy, and frozen and refrigerated food products. As of January 30, 2015, the company operated 383 retail stores, including 277 in California, 49 in Texas, 36 in Arizona, and 21 in Nevada. It also engages in the wholesale distribution of various products. The company was founded in 1965 and is headquartered in City of Commerce, California.

4000 Union Pacific Avenue

City Of Commerce, CA 90023

United States

Founded in 1965

18,200 Employees



Key Executives for 99 Cents only Stores LLC

Chairman, Chief Executive Officer and Interim President
Age: 64
Interim Chief Financial Officer, Treasurer, Director and Chairman of Audit Committee
Age: 64
Senior Vice President of Logistics
Compensation as of Fiscal Year 2015.

99 Cents only Stores LLC Key Developments

99 Cents only Stores LLC - Special Call

To discuss appointment of Interim Chief Financial Officer and Treasurer and other related topics

99 Cents only Stores LLC Announces Executive Changes

99 Cents Only Stores LLC announced that Michael Fung has been appointed as Interim Chief Financial Officer and Treasurer, effective June 24, 2015. Mr. Fung replaces Bradley Lukow, who has resigned from the company. Mr. Fung will be responsible for overseeing finance, accounting and treasury for 99 Cents Only Stores. Mr. Fung has served on the 99 Cents Only Stores Board of Directors since December 2013, and has previously served as Interim Executive Vice President and Chief Administrative Officer of the company from January to September 2013, during which time he oversaw the finance, IT, real estate and various administrative functions of the company. Mr. Fung brings more than 23 years of experience in value-oriented retail and finance, including having served for more than a decade in senior finance roles at Walmart Stores, including most recently as Senior Vice President and Chief Financial Officer of Walmart Stores’ U.S. operations from 2006 until 2012. Prior to Walmart, Mr. Fung served in the top finance positions at several large corporations, including as Vice President and Chief Financial Officer for Sensient Technologies Corporation, Senior Vice President and Chief Financial Officer for Vanstar Corporation, and Vice President and Chief Financial Officer for Bass Pro Shops Inc.

99 Cents only Stores LLC Reports Unaudited Consolidated Earnings Results for the First Quarter Ended May 1, 2015

99 Cents only Stores LLC reported unaudited consolidated earnings results for the first quarter ended May 1, 2015. For the quarter, the company reported total sales of $506,169,000 compared to $477,897,000 a year ago. Operating income was $6,451,000 compared to $31,344,000 a year ago. Loss before provision for income taxes was $9,818,000 compared to profit before provision for income taxes of $15,915,000 a year ago. Net income was $1,171,000 compared to $9,575,000 a year ago. Net cash provided by operating activities was $20,145,000 compared to $20,185,000 a year ago. Purchases of property and equipment were $25,642,000 compared to $19,363,000 a year ago. Same-store sales increased 0.4%, calculated on a comparable 52-week period of the prior year. EBITDA was $22,698,000 compared to $43,975,000 a year ago. Adjusted EBITDA was $25,006,000 compared to $45,665,000 a year ago. Same-store sales decreased 1.7%, from lower customer traffic partially offset by higher average ticket. Same store sales performance experienced continued strength in seasonal and general merchandise categories, offset by challenges in consumables.

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