US discounter 99¢ Only Stores reported retail sales came in at $366.4 million for the fourth quarter ended April 2, up from $328.6 million for the same period in 2010, which was 13 weeks long compared to this year’s 14-week quarter.Same-store sales on a comparable 13-week basis rose 0.5%.
Net income for the fourth quarter increased to $7.9 million compared to $16.9 million in Q4 2010. Net income as a percentage of sales declined to 4.7% versus 5% in the same quarter last year.
Annual same-store sales on a comparable 52-week basis increased 0.7% in fiscal 2011 compared to fiscal 2010.
In the meantime, 99 Cents Only Stores said this week it will expand its tests of merchandise priced above $1 following "very positive" customer reactions to its tests with gallons of milk. "Experiments with items over a buck is something that we'll be looking at more this year," Eric Schiffer, chief executive officer, told analysts during a conference call.
Schiffer said 110 of the company's 285 stores sell gallons of milk priced over $1, "and we're looking to bring another 25 to 30 stores on line in the next couple of weeks." Most of those stores are in Texas, with the balance in California, he said. Stores in Arizona and Nevada do not carry milk, he added.
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