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99 Cents Only Stores Company

CALIFORNIA | LOCAL
June 30, 2001 | MARTHA L. WILLMAN, TIMES STAFF WRITER
The city of Lancaster illegally attempted to take property from a 99 Cents Only store to benefit a neighboring Costco that wants to expand, a U.S. District Court ruled this week. In a 17-page ruling Wednesday, Judge Stephen J. Wilson called the Antelope Valley city's action "nothing more than the desire to achieve the naked transfer of property from one private party to another."
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BUSINESS
October 20, 2000 | From Times Wire Services
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.
CALIFORNIA | LOCAL
July 25, 2000 | ANDREW BLANKSTEIN, TIMES STAFF WRITER
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.
CALIFORNIA | LOCAL
July 25, 2000
The 99 Cents Only chain filed suit Monday in U.S. District Court to block the city of Lancaster from ousting one of its stores to make way for the expansion of a rival Costco store. The suit alleges that the Lancaster city redevelopment agency violated federal law when it voted June 27 to spend $3.8 million to acquire the 18,878-square-foot building at the Valley Central Shopping Center without due process or a proper public purpose.
CALIFORNIA | LOCAL
June 18, 2000 | ANDREW BLANKSTEIN, TIMES STAFF WRITER
Two discount retailers are waging war in the high desert. But the fight isn't about market share; it's about real estate. Costco wants to expand its 126,000-square-foot warehouse store in the Valley Central Shopping Center, and has asked Lancaster city officials to force the 99 Cents Only store out of its 18,878-square-foot building next door. Fearing the loss of Costco, city officials say they are considering using their power of eminent domain to do just that.
BUSINESS
April 21, 1999
Other California company earnings, excluding one-time gains and charges unless noted: * Amgen Inc., the world's largest biotechnology company, said first-quarter earnings rose 32% as sales of its blockbuster anemia drug, Epogen, soared. Net income rose to $247 million, or 46 cents a share, from $187 million, or 35 cents, a year earlier. Results exceeded the 44-cent average estimate of analysts surveyed by First Call Corp. Revenue rose 23%, to $745.4 million from $605.
BUSINESS
July 10, 1996
99 Cents Only Stores said it plans to open a 26,000-square-foot store, its largest, in Anaheim on July 25, and an additional four to five stores during the remainder of the year.
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