99 Cents Only Stores reports sales increase of 19.2% for the third quarter ending Sept. 30, 1996.CITY OF COMMERCE, Calif.--(BUSINESS WIRE)--Oct. 8, 1996-- Company announces new vice president-finance and acquisition of new store locations 99 Cents Only Stores (NYSE NYSE See: New York Stock Exchange :NDN NDN Indian NDN Naples Daily News (Daily news paper in Naples Florida) NDN Non Delivery Notification NDN National Data Network NDN Necdin NDN New Democratic Network NDN Next Door Neighbor NDN Nevada Donor Network ) reported its highest quarterly sales ever of $45.4 million for the third quarter ended Sept. 30, 1996. This represents an increase of $7.3 million, or 19.2%, over sales of $38.1 million during the same period last year. Sales increased $22.8 million, or 21.1%, to a record $130.8 million from $108 million for the nine months ended Sept. 30, 1996. For the third quarter of 1996, sales in comparable 99 Cents Only Stores increased 0.5% over the same period last year. Comparable store sales increased 1.4%, if the company excludes one store that remained open after a larger, newer store was opened in the same city, Garden Grove Garden Grove, city (1990 pop. 143,050), Orange co., S Calif., a suburb of Long Beach and Los Angeles, on the Santa Ana River; founded 1877, inc. 1956. Many of its residents work in nearby aerospace and defense installations, and there is light manufacturing. , Calif. 99 Cents Only Stores also announced that Andrew Farina, a former manager at Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing LLP LLP - Lower Layer Protocol and the former vice president-finance of Crown/BBK Inc., a $500 million in sales food brokerage firm, and Sirena, a former subsidiary of Sara Lee
Sara Lee Corporation (NYSE: SLE) is a global consumer-goods company based in Downers Grove, Illinois, USA. Corp. that manufactures and and distributes apparel, joined the company as its vice president- finance. David Gold
David Gold is an English businessman. , chief executive officer of 99 Cents Only Stores, said, "We are extremely pleased to have an executive of Andy's caliber overseeing our financial reporting and accounting department." In September 1996, 99 Cents Only Stores signed two new leases for store locations in Inglewood and West Covina, Calif. The company has opened five new stores, including one relocation, thus far in 1996, and plans to open an additional three stores during the fourth quarter in Fullerton, Inglewood and Granada Hills, Calif. Also, the company recently closed escrow on a new store location in Lakewood, Calif., and as previously announced has signed leases for Santa Ana and Glendale, Calif. With the cash purchase of the Lakewood location, the company continues to maintain a strong liquidity position with more than $30 million in cash and no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . 99 Cents Only Stores, the nation's oldest existing one-price retailer, operates 40 retail stores, all in Southern California and a wholesale division called Bargain Wholesale. 99 Cents Only Stores emphasizes name-brand consumables, priced at an excellent value, in clean, attractively merchandised stores. -0- Note to Editors: 99 Cents Only Stores news releases and information available on the World Wide Web at http://www.businesswire.com/cnn/ndn.htm or via fax by calling 888/835-0099 toll free. CONTACT: 99 Cents Only Stores, City of Commerce Eric Schiffer, senior vice president-finance, 213/881-9912 --99 cents-- |
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