FINANCE

99 Cents Only Stores Sales Up 8% in 3Q

BY CSA STAFF

Commerce, Calif. 99 Cents Only Stores reported total sales for its third quarter of 2009 ended Dec. 27, 2008, of $351.1 million, up 8.0% from the year ago period. Same-store sales increased 4.2%.

99 Cents Only Stores is continuing to report a breakdown of its sales for its non-Texas and Texas operations because the company previously announced that it will exit the Texas market.

For the company’s non-Texas operations, retail sales in the third quarter of fiscal 2009 were $307.3 million compared to $281.5 million in the same quarter last year.

Retail sales for the company’s Texas operations in the third quarter of fiscal 2009 were $33.7 million vs. $33.1 million in the third quarter of last year.

For the company’s non-Texas operations, same-store sales were up 4.4% for this period, with the number of same-store-sales transactions increasing 1.8% and average transaction up 2.5% to $9.90 compared to $9.66 for the comparable period last year. Same-store sales for the company’s Texas operations were up 2.5% for this period.

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Wal-Mart, Netflix accused of monopoly building

BY CSA STAFF

NEW YORK Wal-Mart Stores and Netflix have been accused of trying to build a monopoly for online DVD rentals in a consumer lawsuit filed Jan. 2 in the U.S. District Court of the Northern District of California, according to reports.

The plaintiffs claim that in 2005, Wal-Mart agreed to end its online rental business and refer customersto Netflix, which in turn agreed to promote Wal-Mart’s DVD movie sales.

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Family Dollar posts 1Q earnings growth

BY CSA STAFF

MATTHEWS, N.C. Family Dollar Stores reported that net income per diluted share for the first quarter of fiscal 2009 increased 13.5% to 42 cents compared with 37 cents for the first quarter of fiscal 2008. Net income for the quarter increased 14.1% to $59.3 million compared with net income of $51.9 million for the first quarter of fiscal 2008.

As previously reported, sales for the first quarter of fiscal 2009 were approximately $1.754 billion, or 4.2% above sales of approximately $1.683 billion for the first quarter of fiscal 2008. Comparable-store sales increased 2.1%.

For the fiscal year ending August 29, 2009, the company expects net sales will increase 4% to 6% and expects comparable-store sales will increase 2% to 4%. Anticipating continued strong sales of consumable merchandise, the company expects earnings per share will be between $1.63 and $1.81 in fiscal 2009.

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