99 Cents Only Stores’ Loss Widens
City of Commerce, Calif. Discount retailer 99 Cents Only Stores said Wednesday that its fiscal fourth-quarter loss widened due to higher-than-anticipated inventory shrink and rising operating expenses.
For the quarter ended March 29, 99 Cents Only Stores reported a loss of $4.4 million, compared with a loss of $1 million in the year-ago quarter.
The company’s revenue rose year over year to $290.5 million from $277.9 million. But its gross margin was hurt by $15.5 million in inventory shrink—more than triple the amount in the same quarter last year and $5.5 million higher than the company expected. Inventory shrink is a decline in inventory due to accounting errors, employee theft or shoplifting.
“While we have reduced the increased scrap-related shrink experienced last summer, we expected to have better results regarding theft-related shrink,” 99 Cents Only Stores chief executive Eric Schiffer said in a statement.
Accent S.A. names sales vp
MILAN, Italy and FREMONT, Calif. Accent S.A., a leading fabless ASIC provider offering highly differentiated design and turnkey services for state-of-the-art SoC silicon solutions, announced that Graeme Finlayson has joined Accent’s executive team as the new vp of WW sales.
Federico Arcelli, ceo of Accent, said. “I am . . . delighted that Graeme Finlayson has joined our team. Graeme brings 25 years of very relevant sales experience in the ASIC, IP and service industries.”
Movie Gallery names new retail ops head
DOTHAN, Ala. Movie Gallery has announced that Sherif Mityas has been appointed coo of the company and president of retail operations, effective June 16. Jeffrey Stubbs, who formerly served as president of retail operations, has resigned from the company.
“Sherif is a strong and capable leader with an extensive background in retail operations, store merchandising and supply chain management,” said C.J. “Gabe” Gabriel, ceo of Movie Gallery. “His knowledge and understanding of the retail industry will be invaluable as we continue to build on the strength of our store operations, merchandising and supply chain management to improve our operating metrics. I look forward to working closely with Sherif to enhance store operations and better integrate our brands and businesses.”
Most recently, Mityas was a partner at A.T. Kearney, where he was responsible for the firm’s business development, staff development and intellectual knowledge capture for all service and industry practice groups across North America.