COMMERCE, Calif.–Second-quarter sales for 99 Cents Only increased 8.8 percent in its fiscal second quarter, to $363 million, according to a preliminary statement from the retailer.
The sales increase included a 6.7 percent rise in same-store sales—which, according to CEO Eric Schiffer, was ahead of the retailer’s expectations of a low single-digit comp-store increase. “We have now raised our comparable-sales expectations for the full year to mid-single digits,” Schiffer said. The company will announce the full results of its second quarter on Nov. 9.
Earlier this week, 99 Cents Only announced that it had reached an agreement to be acquired by Ares Management and the Canadian Pension Plan Investment Board for about $1.6 billion.