99 Cents Only Q4 profit more than doubled
Commerce, Calif. Discount retailer 99 Cents Only Stores said Wednesday that its fiscal fourth-quarter profit more than doubled on stronger sales and lower expenses. The performance beat Wall Street expectations.
For the three months that ended in March, the company said it earned $16.9 million, compared with $7 million a year earlier. Quarterly revenue was $339.3 million, up 3.1% from $329.2 million last year.
Same-store sales rose 3.5% for the quarter.
The company operates 275 stores in California, Texas, Arizona and Nevada.
CITY OF COMMERCE, Calif. Ninety-nine Cents Only Stores reported that retail sales for its consolidated operations including Texas increased by 3% to $328.6 million in the fourth quarter and same-store sales increased 3.5%. Consolidated net income increased by $9.9 million to $16.9 million, or 24 cents per diluted share, versus $7 million in the prior year, or 10 cents per diluted share.
For the full fiscal year ended March 27, retail sales for fiscal 2010 were $1.31 billion, compared with $1.26 billion for fiscal 2009. Same-store sales increased 3.9% in fiscal 2010. Net income for fiscal 2010 was $60.4 million, or 87 cents per diluted share, compared with net income of $8.5 million, or 12 cents per diluted share, in fiscal 2009.
For fiscal 2011 the company said it expects positive same-store sales in the low single digits and plans to open approximately 5% more stores in its existing markets, primarily in the second half of the year. The company said it believes that revenue growth in fiscal 2011 will primarily result from new store openings and increases in same-store sales.
Target announced that it will offer an exclusive collection of products inspired by the upcoming film, Toy Story 3.
The Toy Story 3 collection feature more than 100 products including the “To the Rescue” Nintendo DS video game, Toy Story Woody Role Play, Glow in the Dark Space Alien, 7-pack of Andy’s Toys, Lego Pizza Planet Truck Building set and Toy Story Chutes & Ladders, the company reported.
“We are pleased to offer exclusive ‘Toy Story 3’ merchandise and be the shopping destination for our guests,” said Casey Carl, VP merchandising manager, toys and sporting goods. “Target is excited about the large assortment of products at affordable prices from the highly anticipated movie.”
The Toy Story 3 collection will be available at Target nationwide and on Target.com in May 2010.