COMMERCE, Calif., April 14, 2011 /PRNewswire/ -- 99 Cents Only Stores® (NYSE: NDN) (the "Company")
today reports total sales of $378.5
million for the fourth quarter of fiscal 2011 ended
April 2, 2011, a 14-week period that
includes the 53rd week of the Company's fiscal 2011 retail calendar
year. Total sales for the first thirteen weeks of the fourth
quarter of fiscal 2011 were $350.6
million. Total sales were $339.3
million for the fourth quarter in the prior fiscal year, a
13-week period. The Company's total retail sales for the fourth
quarter of fiscal 2011 were $366.4
million for 14 weeks and $339.5
million for the first 13 weeks, compared to $328.6 million for the same quarter last
year.
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The Company's fiscal 2011 began on March
28, 2010 and ended on April 2,
2011, and consisted of 53 weeks, with one additional week
included in our fourth quarter, which contributed an additional
$27.9 million of total sales. For the
fourth quarter of fiscal 2011, our same-store sales calculation
compares the 13 weeks of the fourth quarter of fiscal 2010 ended
March 27, 2010, which are the most
comparable to the 13 weeks in the fourth quarter of fiscal 2011,
which ended March 26, 2011.
Additionally, for comparability purposes, our annual same-store
sales, average annual sales per store and annual sales per
estimated saleable square foot calculations are based on comparable
52-week periods, ended March 26, 2011
for fiscal 2011 and ended March 27,
2010 for fiscal 2010. All other comparisons in this release
are based on a 53-week year or a 14-week fourth quarter in fiscal
2011 compared to 52-week year or a 13-week fourth quarter in fiscal
2010.
Eric Schiffer, CEO, commented,
"Our fourth quarter same-store sales growth was 0.5%, on a
comparable 13-week basis, which was in line with our expectations.
We are encouraged that our same-store sales improved compared to
the third quarter of fiscal 2011. We look forward to discussing our
fourth quarter and full year fiscal 2011 operating results in our
earnings release and the related conference call on May 25, 2011."
The Company's overall same-store sales for the fourth quarter of
fiscal 2011 increased 0.5%. The number of same-store-sales
transactions increased 0.3% and the average transaction size
increased to $9.69 from $9.67. The Company's non-Texas same-store sales increased 0.7% for the
fourth quarter, with the number of same-store-sales transactions
increasing 0.5% and the average transaction size increasing to
$9.74 from $9.71. Same-store sales for the Company's
Texas operations decreased 2.1% in
the fourth quarter, with the number of same-store-sales
transactions decreasing 1.1% and the average transaction size
decreasing to $9.21 from $9.30.
Each year, the Easter holiday increases the Company's sales for
the three weeks prior to Easter, with a material impact on the week
prior to Easter. The Easter holiday shifted from Sunday, April 4, 2010 last year to Sunday, April 24, 2011 this year. As a result,
the fourth quarter same-store-sales calculation is based on a
fiscal 2011 period that does not include the three weeks prior to
Easter and a fiscal 2010 period that included the second and third
weeks prior to Easter. The first quarter of fiscal 2012, starting
on Sunday, April 3, 2011 and ending
July 2, 2011, will include the three
weeks prior to Easter and will be compared to the first quarter of
fiscal 2011, which started on March 28,
2010 and ended June 26, 2010
and included one week prior to Easter.
During the fourth quarter of fiscal 2011, the Company opened
five stores, of which three were in California, one in Arizona and one re-opened Company-owned
Texas store. The gross and
saleable retail square footage at the end of the fourth quarter
were 6.05 million and 4.76 million, respectively. This represents
an increase of 3.3% for each of gross and saleable square footage
and an increase of 3.6% in the store count over last year, based on
285 stores. Gross and saleable retail square footage for the
Company's non-Texas stores at the
end of the fourth quarter were 5.23 million and 4.12 million, an
increase over last year of 2.6% and 2.7%, respectively. As of
April 2, 2011, the Company's
non-Texas retail operations
consisted of 250 stores compared to 243 stores as of March 27, 2010. Gross and saleable retail square
footage for the Company's 35 Texas stores were 0.82 million and
0.64 million, respectively, an increase over last year of 7.4% and
7.5%, respectively, based on 32 stores as of March 27, 2010. In fiscal 2012, the Company
currently plans to open 16 new stores, which is a store growth rate
of approximately 6%. The first new store for the fiscal year is
scheduled to open in July. The majority of the planned new stores
for fiscal 2012 will be in California and will open in the second half of
the fiscal year.
For fiscal 2011, total sales were $1,423.9 million, a 53-week period, compared to
$1,355.2 million, a 52-week period,
for fiscal 2010. The Company's overall retail sales for fiscal 2011
were $1,380.4 million, compared to
$1,314.2 million for fiscal 2010. For
the Company's non-Texas
operations, retail sales for fiscal 2011 were $1,265.9 million compared to $1,203.9 million for fiscal 2010. For the
Company's Texas operations, retail
sales for fiscal 2011 were $114.5
million compared to $110.3
million in fiscal 2010.
Same-store sales for fiscal 2011 increased 0.7% compared to the
same period in the prior fiscal year. For the Company's
non-Texas operations, same-store
sales increased 0.8% in fiscal 2011. Same-store sales for the
Company's Texas operations
increased 0.4% in fiscal 2011.
For fiscal 2011, average annual sales per store for all stores
open for at least 12 months, on a comparable 52-week period, were
$4.9 million, compared to
$4.8 million for fiscal 2010. Average
annual non-Texas sales per store
were $5.1 million for fiscal 2011
compared to $5.0 million for fiscal
2010, based on 242 stores and 235 stores, respectively. Average
annual Texas sales per store for
fiscal 2011 and fiscal 2010 were $3.4
million each, based on 32 stores, in fiscal 2011 and 31
stores in fiscal 2010.
Fiscal 2011 annual sales per estimated saleable square foot for
all stores open for at least 12 months, on a comparable 52-week
period, increased to $291, compared
to fiscal 2010 annual sales per estimated saleable square foot of
$289 for all stores open for at least
12 months as of March 27, 2010.
Annual sales per estimated saleable square foot increased for
non-Texas stores to $307 from $305 and,
for Texas stores, increased to
$181 from $180.
About 99 Cents Only
Stores®
Founded over 25 years ago, 99
Cents Only Stores® currently operates 285 extreme value
retail stores consisting of 211 stores in California, 35 in Texas, 27 in Arizona, and 12 in Nevada. 99 Cents
Only Stores® emphasizes quality name-brand consumables, priced at
an excellent value, in convenient, attractively merchandised
stores. Over half of the Company's sales come from food and
beverages, including produce, dairy, deli and frozen foods, along
with organic and gourmet foods. The Company's New York Stock
Exchange symbol is NDN.
Safe Harbor Statement
We have included statements in this release that constitute
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act and Section 27A of the Securities Act.
The words "expect," "estimate," "anticipate," "predict," "believe"
and similar expressions and variations thereof are intended to
identify forward-looking statements. Such statements appear in this
release and include statements regarding the intent, belief or
current expectations of the Company, its directors or officers with
respect to, among other things, the business and growth strategies
of the Company, planned new store openings, and trends
affecting the financial condition or results of operations of the
Company. The shareholders of the Company and other readers are
cautioned not to put undue reliance on such forward-looking
statements. Such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and actual
results may differ materially from those projected in this release
for the reasons, among others, discussed in the reports and other
documents the Company files from time to time with the Securities
and Exchange Commission, including the risk factors contained in
the Section – "Management's Discussion and Analysis of Financial
Condition and Results of Operations" of the Company's Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
Note to Editors: 99 Cents Only
Stores® news releases and information available on the Company's
website at http://www.99only.com.
SOURCE 99 Cents Only Stores