US discount retailer 99 Cents Only Stores has booked an increase in third-quarter profits.
For the three months ended 1 October, net income reached US$15.1m, up from $12.9m the same period last year.
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Operating income was up to $24.4m, from $20.7m the same quarter last year. Sales were $363m, up from $333.6m on last year.
Eric Schiffer, CEO, said: “We are pleased with our financial results for the second quarter of fiscal 2012. Our long-term operational improvement initiatives have continued to meet our expectations.”
A company statement said that revenue growth in the remainder of fiscal 2012 will primarily result from increases in same-store sales, the full-year effect of stores opened since last year, and new store openings.
For fiscal 2012, the Company has raised its same-store-sales percentage increase expectations for the full year to mid-single digits and plans to open 12 stores in the second half of the year.
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