Commerce-based 99 Cents Only Stores Friday reported sharply reduced third-quarter net losses for fiscal 2017 compared to the previous year’s third quarter — $37 million, down from $152.6 million.
“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