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.
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