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99 Cents Only Stores Company

BUSINESS
December 15, 2004 | Nancy Cleeland, Times Staff Writer
Executives of 99 Cents Only Stores told Teamsters union officials Tuesday that they would present a sweetened contract offer Friday. The move temporarily averted a strike by delivery drivers that would have started Tuesday night, at the height of the holiday season. Drivers could still reject what company executives are calling their final offer, and will meet to consider a strike option Sunday, said Paul Kenny, secretary treasurer of the International Brotherhood of Teamsters, Local 630.
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BUSINESS
December 11, 2004 | Nancy Cleeland, Times Staff Writer
Teamster truck drivers probably will strike 99 Cents Only Stores on Monday night, a top local union official said Friday, accusing the City of Commerce-based retailer of stalling in contract negotiations. Paul Kenny, secretary-treasurer of Teamsters Local 630, had pressed the company for a final offer by Thursday. But in a terse e-mail response, 99 Cents Chief Executive Eric Schiffer said the union would have to wait until noon Monday.
BUSINESS
December 8, 2004 | Nancy Cleeland, Times Staff Writer
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.
BUSINESS
October 21, 2004 | From Associated Press
Discount retailer 99 Cents Only Stores Inc. said third-quarter profit fell by 61% to $4.7 million, or 7 cents a share, from $12.1 million, or 17 cents, a year earlier. Sales at stores open at least one year, or same-store sales, increased 0.5%. The company also announced that founder Dave Gold would retire as chief executive, effective Jan. 1, but would remain chairman. President Eric Schiffer will become CEO and chairman of the board's executive committee. * Carlsbad, Calif.
BUSINESS
July 21, 2004 | Dawn Wotapka, Times Staff Writer
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.
BUSINESS
June 12, 2004 | Leslie Earnest, Times Staff Writer
99 Cents Only Stores, struggling with a variety of woes including problems at its Los Angeles distribution center, Friday lowered its second-quarter sales and earnings projections. The City of Commerce-based retailer, which sells everything for less than a dollar, said it expected to earn 4 cents to 7 cents a share in the quarter ending June 30, instead of the 19 cents it had predicted earlier. The reduction was the company's second downward earnings revision for the period.
BUSINESS
March 29, 2004 | Leslie Earnest, Times Staff Writer
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.
BUSINESS
February 5, 2004 | Debora Vrana, Times Staff Writer
99 Cents Only Stores Inc. on Wednesday delayed the release of its earnings after the Securities and Exchange Commission questioned the way the retailer accounted for the sale of a division in 2000. The deep discounter said federal regulators had questions related to the sale of Universal International, a chain the firm had acquired in 1998 for $17 million.
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