99 Cents Only Stores (NDN), Thursday said its second-quarter overall same-store sales increased 2.3%, with total sales for the quarter improving 2.2% from the year ago quarter.
The City of Commerce, California based company's second quarter same-store sales improved 2.3% with the number of same-store sales transactions increasing 3.5%. Average transaction size decreased 1.2% to $9.45.
For the second-quarter, 99 Cents Only reported total sales of $324.7 million , up 2.2%, from $317.8 million in the same quarter last year.
On average, 10 analysts polled by Thomson Reuters expected the company to report revenue of $326.36 million for the quarter. Analysts' estimates typically exclude special items.
The company's Texas operations, retail sales in the second quarter of fiscal 2010 were $27.0 million compared to $31.0 million in the same quarter last year. The 12.9% decrease in Texas total sales was due to the closing of about one third of the company's Texas stores.
For the company's non-Texas operations, same-store sales increased 0.9% in the second quarter, with the number of same-store sales transactions increasing 2.4% and the average transaction size decreasing 1.5% to $9.49. Same-store sales for the company's Texas operations increased 19.8% in this quarter, with the number of same-store sales transactions increasing 15.6% and the average transaction size increasing 4.2% to $9.05.
For the first half of fiscal 2010 ended September 26, 2009, total sales were $656.8 million, up 5.5%, compared to $622.7 million in the first half of the prior fiscal year. The company's overall retail sales in the first half of 2010 were $636.7 million, compared to $602.1 million in the first half of the prior fiscal year.
The company's non-Texas operations, retail sales in the first half of fiscal 2010 were $582.2 million compared to $541.9 million in the first half of the prior fiscal year. For the Texas operations, retail sales in the first half of 2010 were $54.5 million, compared to $60.2 million in the first half of the prior year.
The company plans to open approximately four additional stores during the balance of fiscal 2010, all in California. During the second quarter of fiscal 2010, the company opened one store in California and closed one Texas store.
NDN closed Thursday's regular trading at $14.00, down $0.12 or 0.85%, on a volume of 0.563 million shares on the NYSE. In after hour trading, the stock dropped to $13.20, down $0.80 or 5.71%.
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