99 Cents drops on lackluster sales

The discount chain cites increased competition in Texas.

By TheStreet Staff Oct 8, 2010 12:28PM

TheStreetBy Jeanine Poggi, TheStreet

 

Shares of 99 Cents Only Stores (NDN) are plunging after the discount chain's fiscal-second-quarter sales fell short of forecasts.

 

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.

 

Related Articles

 

1Comment
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

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.

RECENT QUOTES

WATCHLIST

Symbol
Last
Change
Shares
Quotes delayed at least 15 min
Sponsored by:

MARKET UPDATE

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Market index data delayed by 15 minutes

[BRIEFING.COM] The IMF expressed its concerns before the start of today's trading that "excessive risk taking may be building up" with valuations for just about every major asset class looking stretched.

As one can see from the standing of the major indices, that warning went in one of the market's ears and out the other.  Actually, we're not even sure it went in one ear.  The market started with a bullish bias and has maintained that bias throughout today's session.

The ... More


Currencies

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Sponsored by:

VIDEO ON MSN MONEY