99 Cents Only Store  in North Hollywood, California. Photo by Downtowngal (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons.
99 Cents Only Store in North Hollywood, California. Photo by Downtowngal (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons.
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

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