The 99 Cents Only Stores LLC have announced this week a projected net loss of $35.1 million in the second quarter of fiscal 2017 compared to a net loss of $78.1 million in the second quarter of fiscal 2016.
The loss occurred in spite of a 1.6 percent increase in net sales for the quarter—to $496.4 compared to $488.5 million in the second quarter of fiscal 2016—and a 1.1 percent increase in same-store sales, according to an earnings statement the company issued from its headquarters in Commerce.
Company President and Chief Executive Officer Geoffrey Covert said the latest figures indicate that a turnaround plan launched in last year’s third quarter is working.
“I remain encouraged by our progress in executing our turnaround plan,” Covert said. “With measurable improvement this past quarter, we have solid momentum as we enter the second half of fiscal 2017. Progress is evident across many aspects of the enterprise, and our improved sales performance provides an indication that our plan is taking hold.”
