99 Cents Only’s Profit Drops 28% in Quarter
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99 Cents Only Stores, a discount retailer that has delayed filing 2005 financial results, said its fiscal third-quarter profit dropped 28% as costs rose.
Net income for the period ended Dec. 31 was $6.3 million, or 9 cents a share, compared with $8.7 million, or 12 cents, a year earlier, City of Commerce-based 99 Cents Only said. Costs rose 10% to $173 million and revenue increased 4.8% to $278.8 million.
“Pressure on our operating margins has continued due to the interim costs of building management infrastructure and efforts to meet Sarbanes-Oxley requirements and due to the resulting diversion of management from day-to-day operations,” Chief Executive Eric Schiffer said.
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