City of Commerce, Calif. -- 99 Cents Only Stores had a positive first quarter of fiscal 2014, swinging from a net loss to net income and also reporting gains in net and same-store sales. The retailer reported net income of $3.16 million, compared to a net loss of about $4.9 million a year earlier.
In addition, the company's net sales increased $32.9 million, or 8.2%, to $433.9 million for the first quarter of fiscal 2014 compared to $401 million for the first quarter of fiscal 2013. Same-store sales increased 3.1%. As a result of a shift in the timing of Easter, 99 Cents Only estimates it lost about 1.8 percentage points of additional same-store sales gain
During the first quarter of fiscal 2013, the company opened six stores, three in California, one in Nevada and two in Texas. As of June 29, 2013, 99 Cents Only operated 322 stores, an increase of 7.3% in store count over last year. In fiscal 2014, 99 Cents Only expects to increase its store count by approximately 10%, exclusively in existing markets.