January 24, 1992 |
It was meant to be a joke. But the recession got the last laugh when more than 500 callers responded to an ad for a new bridal registry service offered by the 99 Cents Only Stores. Brides and their gift-hunting pals were invited to inquire about the registry's debut with a quick call to (213) LUCKY-99.
CALIFORNIA | LOCAL
July 25, 2000 |
The 99 Cents Only chain filed suit in U.S. District Court on Monday to block this city from ousting one of its retail stores from leased space to make way for the expansion of a rival Costco store. The suit claims the Lancaster Redevelopment Agency violated federal law by voting June 27 to spend $3.8 million to acquire the 18,878-square-foot building that the 99 Cents chain leases at the Valley Central Shopping Center without due process or a proper public purpose.
October 20, 2000 |
Shares of 99 Cents Only Stores Inc. plunged 39% on Thursday after the deep-discount retailer reported weak third-quarter earnings that missed Wall Street expectations. The Commerce-based company said earnings from continuing operations were hurt by the accounting treatment for certain costs associated with discontinued operations, lower gross margin percentages and higher labor costs. The company's stock plunged $14.44 to close at $22.25 on the New York Stock Exchange.
July 21, 2004 |
99 Cents Only Stores said Tuesday that its second-quarter profit tumbled from a year ago, causing it to reconsider expansion plans. 99 Cents Only, where everything sells for under a buck, reported net income of $2.6 million, or 4 cents a share, for the quarter, compared with $14.8 million, or 21 cents a share, in the same quarter last year. The per-share earnings were a penny below analysts' expectations. Second-quarter sales were $226.9 million, up 16.
January 4, 2003 |
Extreme-value retailing is the fastest-growing retail trend in the country. And Dave Gold is the king of extreme value, also known as deep-discount retailing. Gold is the founder of the 99 Cents Only Stores chain and the probable inventor of what's fast becoming known as the 99-cent lifestyle.
December 8, 2004 |
Teamster truck drivers at 99 Cents Only Stores voted Tuesday night to authorize a strike after failing to get an initial contract with the City of Commerce- based discount merchant. A strike by the 65 union drivers, which would hit the retailer's 153 stores in Southern California at the peak of the holiday shopping season, could start any day, said Paul Kenny, secretary-treasurer of International Brotherhood of Teamsters Local 630.
June 12, 2008 |
Somebody stole away 99 Cents Only Stores Inc.'s quarterly profit -- literally. The City of Commerce discount retailer said Wednesday that it lost $4.4 million, or 6 cents a share, in the fiscal fourth quarter ended March 29 because of an unexpected jump in thefts at some of its stores. So-called shrink expenses -- losses tied to a drop in product inventories -- were $5.5 million greater than the company had expected for the quarter, Chief Executive Eric Schiffer said in a conference call with analysts and investors.
March 29, 2004 |
Struggling with weak sales last December, 99 Cents Only Stores offered an explanation: no eggs or butter. The retailer had to temporarily stop carrying the two staples when wholesale prices jumped. Tagging either at more than a penny less than a buck was out of the question. The company hasn't done that with any item since 1982, "when we opened our first store," said President Eric Schiffer.
December 20, 2004 |
Teamster truck drivers Sunday ratified their first contract with City of Commerce-based 99 Cents Only Stores, averting a strike that union leaders had threatened to call that night. Paul Kenny, president of the International Brotherhood of Teamsters Local 630, said the 65 drivers won raises of about 10% over the five-year deal, along with protections that limit the retailer's ability to contract out their jobs.