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99 Cents Only's Q2 EBITDA Down, Sales Up
LOS ANGELES — 99 Cents Only Stores here said Wednesday EBITDA declined and sales increased for the second quarter and first half ended Sept. 28.
Elliot Zwiebach
November 6, 2013
1 Min Read
LOS ANGELES — 99 Cents Only Stores here said Wednesday EBITDA declined and sales increased for the second quarter and first half ended Sept. 28.
Follow @SN_News for updates throughout the day.
Net income for the 13-week quarter was $5.5 million, compared with $210,000 a year ago, while adjusted EBITDA fell 19.2% to $25.6 million. Sales for the period increased 12.9% to $443.9 million, and comparable store sales grew 5.9%.
For the half net income was $8.6 million, compared with a loss of $4.7 million a year ago, while adjusted EBITDA declined 14% to $61 million. Sales for the half rose 10.5% to $877.8 million, and comps increased 4.5%.
Read more: 99 Cents Only Names Gonthier CEO
The company opened seven net new stores during the quarter — for a total of 13 so far this year — with plans to open between 26 and 30 for the fiscal year, all in existing markets.
The 329-store chain was acquired in January 2012 by affiliates of Ares Management and the Canada Pension Plan Investment Board and the Gold-Schiffer family. The company has scheduled a conference call with analysts Thursday.
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