99¢ Only Stores® (NYSE:NDN) (the "Company") today
reports total sales of $332.1 million for the first quarter of fiscal
2010 ended June 27, 2009. This represents an increase of 8.9% over total
sales of $304.9 million for the same quarter last year. The Company’s
overall retail sales in the first quarter of fiscal 2010 were $321.8
million compared to $294.7 million in the same quarter last year. For
the Company’s non-Texas operations, retail sales in the first quarter of
fiscal 2010 were $294.4 million compared to $265.5 million in the same
quarter last year.
The Company's overall same-store sales for the first quarter ended June
27, 2009, increased 7.2%, with the number of same-store sales
transactions increasing 6.0% and the average transaction up 1.2% to
$9.56. For the Company’s non-Texas operations, same-store sales were up
5.9% for this quarter, with the number of same-store sales transactions
increasing 5.3% and the average transaction up 0.6% to $9.61. Same-store
sales for the Company’s Texas operations were up 23.6% for this quarter,
with the number of same-store sales transactions increasing 14.9% and
the average transaction up 8.7% to $9.03.
Eric Schiffer, CEO of 99¢ Only Stores®, stated, “We are pleased with our
solid first quarter same-store sales performance, which underscores the
strength of our business model and ability to attract new customers and
achieve strong sales results in a challenging economic environment. In
Q1, our overall same-store sales increased by 7.2% and our non-Texas
same-store sales increased by 5.9%. Additionally, the same-store sales
for our Texas stores increased by a robust 23.6%. Q1 same-store sales
were helped by the shift in the timing of the Easter holiday this year,
and Texas comps were positively impacted by reverse cannibalization from
Texas stores closed in March and April.
“We believe that many middle to upper income consumers are coming into
our stores for the first time for their household needs due to the
recession. We expect that our broad selection of quality name brands,
including over 50% food and beverage items, will help retain these new
customers as long-term shoppers. A growing number of customers are
attracted to our deep value proposition and are turning to our stores
for more of their everyday household needs including produce and other
perishables.
“We remain focused on continuing to improve operating efficiencies and
profitability during fiscal 2010,” added Mr. Schiffer.
