99 Cents Only profit up 17% in Q2, on track to open 12 stores in second half
City of Commerce, Calif. -- Discounter 99 Cents Only Stores reported Wednesday that profit for the second quarter rose 17% to $15.1 million, compared with $12.9 million a year earlier.
Revenue rose 8.8% to $363 million, beating analysts’ expected $357.3 million. Same-store sales increased 6.7%.
The company said it plans to open 12 new stores in the second half of its fiscal year, the majority in California. It also announced plans to accelerate store growth rate in fiscal 2013, with the majority of those stores also opening in California.