Company Overview of 99 Cents only Stores LLC
99 Cents only Stores LLC engages in the operation of retail stores in the United States. Its stores offer consumable products and other household items, and seasonal items, as well as domestic and imported fresh produce, deli, dairy, and frozen and refrigerated food products. As of January 29, 2016, the company operated 391 retail stores, including 283 stores in California, 49 stores in Texas, 38 stores in Arizona, and 21 stores in Nevada. It also engages in the wholesale of merchandise to retailers, distributors, and exporters. The company was founded in 1965 and is based in City of Commerce, California.
4000 Union Pacific Avenue
City Of Commerce, CA 90023
Founded in 1965
Key Executives for 99 Cents only Stores LLC
Chief Executive Officer, President and Director
Chief Financial Officer and Treasurer
Chief Merchandising Officer
Senior Vice President of Logistics
Compensation as of Fiscal Year 2016.
99 Cents only Stores LLC Key Developments
99 Cents Only Stores to Celebrate Its New Palm Springs, Ca Store
Jan 9 17
99 Cents Only Stores announced that it will kick off the grand opening celebration of its new Palm Springs store by selling 32" Flat Screen LCD TVs for only 99 cents to the first nine customers in line. To celebrate this new store, the next 99 customers in line on the 17th may purchase a scooter for only 99 cents! The following 99 customers can purchase a coffee maker for only 99 cents! The next 99 customers can buy a digital camera for just 99 cents! Additionally, for the next three days, the new Palm Springs store will continue to offer many extraordinary grand opening specials including blenders for only 99 cents for the first 99 in line on January 18, 2016.
99 Cents only Stores LLC Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended October 28, 2016; Provides Earnings Guidance for the Year 2017; Reports Impairment of Long-Lived Assets for the Third Quarter Ended October 28, 2016
Dec 9 16
99 Cents only Stores LLC reported unaudited earnings results for the third quarter and nine months ended October 28, 2016. For the quarter, the company reported net sales increased 1.8%, to $500.1 million, compared to $491.5 million in the third quarter of fiscal 2016. Same-store sales increased 0.8% compared to the third quarter of fiscal 2016, with higher average ticket of 1.1% offset by lower customer traffic of 0.3%. The increase in same-store sales was primarily due to higher sales from fresh offerings, as a result of improved product availability and higher in-stock levels due to improvements in the allocation and replenishment system and the expansion of the Company's partnership with third party produce distributors. In addition, seasonal sales increased as a result of an enhanced assortment of merchandise and a uniform merchandising strategy. Net loss was $37.0 million in the third quarter of fiscal 2017 compared to net loss of $152.6 million for the third quarter of fiscal 2016. Adjusted EBITDA was $8.6 million in the third quarter of fiscal 2017, compared to $5.1 million in the third quarter of fiscal 2016. Adjusted EBITDA margin was 1.7% compared to 1.0% over the same period last year. LBITDA was $1.765 million against $118.525 million a year ago. Operating loss was $20.057 million against $135.480 million a year ago. Loss before provision for income taxes was $36.970 million against $152.029 million a year ago.
For the first nine months of fiscal 2017, the company's net sales increased 1.6% to $1,509.5 million, compared to $1,486.2 million in the first nine months of fiscal 2016. Same-store sales increased 0.6% driven by higher average ticket. Net loss was $97.3 million in the first nine months of fiscal 2017, compared to net loss of $229.6 million for the first nine months of fiscal 2016. Adjusted EBITDA was $27.1 million in the first nine months of fiscal 2017, compared to $37.1 million for the first nine months of fiscal 2016. Adjusted EBITDA margin was 1.8% for the first nine months of fiscal 2017, compared to 2.5% for the first nine months of fiscal 2016. EBITDA was $5.748 million against LBITDA of $97.188 million a year ago. Operating loss was $46.604 million against $147.698 million a year ago. Loss before provision for income taxes was $97.124 million against $196.997 million a year ago. Net cash provided by operating activities was $7.931 million against $1.827 million a year ago. Purchases of property and equipment were $35.273 million against $55.710 million a year ago.
The Company is reiterating the following previously issued outlook for fiscal 2017: Positive same-store sales growth, Substantial year-over-year increase in Adjusted EBITDA, and a substantial decrease in net loss over the same period. The company is revising the following previously issued outlook for fiscal 2017 to reflect changes in its full year capital expenditure outlook, primarily due to the expansion of its store refresh initiative in Phoenix, an option to purchase a piece of surplus real estate and additional expenditures on store signage and maintenance: Capital expenditures of approximately $45 million to $47 million. The capital expenditures guidance excludes anticipated expenditures associated with the rebuild of one store in the Los Angeles area that was impacted by a fire in May 2016. The Company expects to recover a substantial portion of the expenditures through insurance reimbursements.
For the quarter, the company reported impairment of long-lived assets of $0.491 million against $0.032 million a year ago.
99 Cents only Stores LLC to Report Q3, 2017 Results on Dec 09, 2016
Dec 9 16
99 Cents only Stores LLC announced that they will report Q3, 2017 results Pre-Market on Dec 09, 2016
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