![99 Cents Only Store in North Hollywood, California. Photo by Downtowngal (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons.](https://i0.wp.com/mynewsla.com/wp-content/uploads/2015/04/99_Cents_Only_Store_North_Hollywood_California.jpg?ssl=1)
“The third quarter was a productive period for 99 Cents Only Stores, highlighted by continued sales momentum, improved margins and strong year-over- year growth in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization,)” said company President and Chief Executive Officer Geoffrey Covert.
“Net sales for the third quarter were $500.1 million, up 1.8 percent over the prior year period, with sales up 0.8 percent on a same-store basis. Importantly, adjusted EBITDA of $8.6 million was up 68 percent compared to the prior year, representing our first quarter of year-over-year growth in Adjusted EBITDA since fiscal 2015.”
Adjusted EBITDA in the previous year’s third quarter was $5.1 million
“Underlying these improved results is a solid liquidity position that we believe will meet our current requirements and future growth objectives,” Covert said.
—City News Service