CITY OF COMMERCE, Calif. — 99 Cents Only Stores on Tuesday announced its financial results for the shortened fiscal year 2014 that began on March 31, 2013 and ended Jan. 31, 2014, consisting of 44 weeks.
For the 10 month fiscal 2014 the Company's net sales totaled $1.5 billion. Same-store sales increased 3.7%, calculated on a comparable 43-week period of the prior year. Net loss was $12.5 million in fiscal 2014 and net loss as a percentage of net sales was (0.8)% in fiscal 2014.
"We are pleased with the progress we have made on implementing our strategic plan to accelerate store growth and improve sales and margin," stated Stephane Gonthier, CEO of the company. We are also encouraged by the favorable responses from our consumers to our 'Go-Taller' program, which has retrofitted the display shelving from a height of 54 inches to 78 inches at 64 of our stores in the past two months. We are on track to complete the retrofits by September 2014."
Average sales per store open at least 12 months, on a trailing 52-week period, increased to $5.4 million in fiscal 2014 from $5.3 million in fiscal 2013. Average net sales per estimated saleable square foot (computed for stores open at least 12 months) on a trailing 52-week period increased to $330 per square foot for fiscal 2014 from $321 per square foot for fiscal 2013.
As previously announced, the company changed its fiscal year from the Saturday closest to the end of March, to the Friday closest to the end of January, in order to be in line with its retail industry peers.
During the 10 month fiscal 2014, the company opened 27 net new stores. As of the end of fiscal 2014, 99 Cents Only operated 343 stores, an increase of 8.5% in store count over the end of fiscal 2013.