99 Cents drops on lackluster sales
The discount chain cites increased competition in Texas.
By Jeanine Poggi, TheStreet
During the quarter, the company said sales edged up 3% to $333.6 million, less than Wall Street's estimate of $344.2 million. Total same-store sales increased 0.6%. The shares were down 11% to $15.75 at 12:21 p.m. ET.
99 Cents Only said sales were hurt by increased competition in Texas, a state that accounts for about 8% of the company's total retail sales.
"We believe that we will have a strong holiday season and, for fiscal 2011, we continue to expect positive same-stores sales in the low single digits for the year," chief executive Eric Schiffer said.
Schiffer said 99 Cents will beat its previous second-quarter profit forecast before taxes. The company is scheduled to report its full earnings report on Nov. 3.
- 8 top retail stocks: Holiday sales favorites
- Cramer: How to buy retail stocks
- 6 companies hiring for the holidays
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The major averages punctuated a solid week with a subdued Friday session. The S&P 500 shed 0.2% to narrow its weekly gain to 1.7%, while the Nasdaq Composite (+0.1%) displayed relative strength. The tech-heavy index finished the week in line with the benchmark average.
Market participants went into today's session expecting to hear some new insight from Fed Chair Janet Yellen, who delivered the keynote address at this year's Jackson Hole Symposium. Unfortunately, the ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'