FINANCE

99 Cents Only Stores Q1 profit up, to open 16 new stores

BY Staff Writer

City of Commerce, Calif. — Discount retailer 99 Cents Only Stores reported Monday that net income for the quarter ended July 2 rose to $17.7 million, from $16.8 million in the year earlier period.

Total revenue rose 6.3% to $368.3 million, from $346.5 million a year ago. Same-store sales rose 5.9%.

The chain said it plans to open 16 new stores this fiscal year. Most openings will occur in the second half of the year, it said, and most would be located in California. The retailer said also said it plans to accelerate its store growth rate to approximately 10% in fiscal 2013, with the majority of new stores expected to be in California.

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Online retail sales continue to soar

BY CSA STAFF

RESTON, Va.— Online U.S. retail spending in second quarter 2011 reached $37.5 billion for the quarter, up 14% versus year ago, comScore reported Monday. This growth rate represented the seventh consecutive quarter of positive year-over-year growth and third consecutive quarter of double-digit growth rates.

"The second quarter of 2011 saw a continuation of this year’s solid double-digit growth trends in online spending, well ahead of the rate of growth in consumers’ overall spending," said comScore chairman Gian Fulgoni. It’s clear that consumers are continuing to shift to the online channel, with almost $1 in every $10 of discretionary spending now occurring online. E-commerce’s benefits of convenience and lower prices continue to be the drivers of the shift.”

According to comScore:

The top-performing online product categories were: consumer electronics (excluding PC peripherals), computer hardware, computer software, and event tickets. Each category grew at least 15% versus year ago.

The Top 25 online retailers accounted for 66.4% of dollars spent online, down from 67.7% a year ago and down from a peak of 69.9% in third quarter 2010, as small and mid-sized retailers continue to regain lost market share.

The 14% growth in the quarter was primarily a function of an increase in the number of buyers (up 16%), with 70% of all Internet users making at least one online purchase in the quarter.

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FINANCE

The Pantry profit edges up in Q3

BY Staff Writer

Cary, N.C. — C-store operator The Pantry reported Tuesday that net income for the quarter ended June 30 rose to $19 million from $18 million the year before.

Same-store merchandise revenue dipped 1.5%.

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