US discount chain 99 Cents Only Stores has reported a 6.3% net consolidated sales increase in the first quarter ended July 2 to $368.3 million vs. the same period last year. It also experienced an increase in retail sales of 6.2% to $357.5 million.
The company attributed the increase in part to a shift in the Easter sales period which positively affected same-store sales this year. However, gross profit margin for this year’s Q1 was 40.4% compared to 40.5% in the previous year, primarily due to a price increase in products and freight.
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