SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 7, 1998
99 CENT ONLY STORES
(Exact Name of Registrant as Specified in Charter)
California 1-11735 95-2411605
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
4000 Union Pacific Avenue
City of Commerce, California 90023
(Address of Principal Executive Offices)
(213) 980-8145
(Registrant's Telephone Number)
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ITEM 5. OTHER EVENTS
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Reference is made to the press release of Registrant, issued on April 7,
1998, which contains information meeting the requirements of this Item 5,
and which is incorporated herein by this reference. A copy of the press
release is attached to this Form 8-K as Exhibit 99.1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
April 9, 1998 99 CENT ONLY STORES
By: /S/ANDREW FARINA
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Andrew Farina
Chief Financial Officer
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EXHIBIT INDEX
EXHIBITS
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99.1 Press Release dated April 9, 1998
Exhibit 99.1
99 CENT ONLY STORES REPORTS FIRST QUARTER 1998 SALES OF $ 62.9 MILLION, A
23.9 PERCENT INCREASE OVER THE SAME PERIOD IN 1997. RETAIL SALES IN THE FIRST
QUARTER WERE $ 51.5 MILLION, A 31.4% INCREASE OVER THE SAME PERIOD IN 1997.
City of Commerce, CA -- April 7, 1998 -- 99 Cent Only Stores (NYSE:NDN)
reported sales of $62.9 million for the first quarter ended March 31, 1998,
and year to date. This represents an increase of $12.1 million or 23.9% over
sales of $50.7 million during the first quarter last year.
Retail sales for 99 Cent Only Stores were $ 51.5 million up $ 12.3
million or 31.4% from sales of $ 39.2 million in the same period in 1997. The
full quarter effect of new stores added in 1997 accounted for the majority of
this increase. The number of stores at March 31, 1998 was 54, up 20% over 45
stores at March 31, 1997.
Wholesale sales for the first quarter ended March 31, 1998, were $ 11.4
million compared with $ 11.6 million of the same period of 1997. Wholesale
sales for the first quarter were effected by currency exchange factors.
Comparable store sales, adjusted to give effect for new store openings
within a 3-mile radius of existing stores, increased 9.1% in the first
quarter versus 2.4% in the first quarter of 1997.
Comparable store sales without this adjustment for cannibalization,
increased in 1.5% during the first quarter of 1998 versus 0.1% for the
first quarter of 1997. Comparable store sales are calculated for stores
that have been open for at least a full 15 months.
99 Cent Only Stores opened two stores during the first quarter of 1998,
including one relocation. The Company plans to open its 55th store on
April 16, 1998 in Santa Ana, California. The Company also has secured
locations for four additional stores. The Company plans to continue to
open new stores at an annual growth rate of at least 20%.
David Gold, President of the Company said, "We are pleased to announce
continued strong sales in the first quarter of 1998 despite the heavier
than normal rainfall in Southern California. Our store expansion is also
proceeding in accordance with plan."
99 Cent Only Stores, the nation's oldest existing one-price retailer,
operates 54 retail stores, all in Southern California and a wholesale
division called Bargain Wholesale. 99 Cent Only Stores emphasizes
name-brand consumables priced at an excellent value, in clean, attractively
merchandised stores.
Contact: 99 Cent Only Stores, City of Commerce, Eric Schiffer, Senior Vice
President - Finance, (213) 881-9912.
