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.
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.
June 30, 1998 |
Believe it or not, there is some good news about small-cap stocks. Sure, they've lagged large-capitalization issues for four years and investors are showing little urgency to jump back into the sector. But in a market environment like this, it's easy for individual investors to overlook three critical facts. First, some small-caps have done quite well despite the woes of the broad sector.