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99¢ Only Stores Q4FY'13 sales rise 9.7%
18
Jul '13
99¢ Only Stores announced its financial results for the fourth quarter and full-year fiscal 2013 ended March 30, 2013.

The Company's net sales increased $38.4 million, or 9.7%, to $434.8 million for the fourth quarter of fiscal 2013 compared to $396.4 million for the fourth quarter of fiscal 2012.  Same-store sales, calculated on a comparable 13-week period, increased 4.4%. 

The Company's pro forma Adjusted EBITDA[1] was $40.9 million in the fourth quarter of fiscal 2013, compared to $40.6 million in the fourth quarter of fiscal 2012, and the Company's pro forma Adjusted EBITDA margin was 9.4% compared to 10.2% over the same period.

The Company's net sales increased $137.0 million, or 8.9%, to $1.67 billion for the full-year of fiscal 2013 compared to $1.53 billion for fiscal 2012.  Same-store sales, calculated on a comparable 52-week period, increased 4.3%. 

The Company's pro forma Adjusted EBITDA was $162.9 million in fiscal 2013, an increase of $6.9 million, or 4.4%, compared to $156.0 million in fiscal 2012, and the Company's pro forma Adjusted EBITDA margin was 9.8% compared to 10.2% over the same period. Easter, a holiday that drives the Company's busiest selling week, occurred in calendar year 2012 on April 8 and in calendar year 2013 on March 31.

As a result, the Company's fiscal 2013 included two Easter seasons compared to one Easter season in fiscal 2012, which the Company estimates accounted for approximately 50 basis points of same-store sales for fiscal 2013 and approximately 190 basis points of same-store sales in the fourth quarter of fiscal 2013.

As of the end of the fourth quarter of fiscal 2013, the Company's cash holdings were $45.5 million and total debt was $758.3 million, consisting of net borrowings of $508.3 million under the Company's first lien term loan facility and $250 million of the Company's 11% senior notes. There were no outstanding borrowings under the Company's revolving credit facility.

During the fourth quarter of fiscal 2013, the Company opened seven stores in California.  As of March 30, 2013, the Company operated 316 stores, an increase of 6.0% in store count over last year. The gross and saleable retail square footage at the end of the fourth quarter were 6.63 million and 5.21 million, respectively.  This represents an increase of 5.4% and 5.3% for gross and saleable square footage, respectively, over last year.

For fiscal 2013, average annual sales per store for all stores open for at least 12 months, on a comparable 52-week period, were $5.3 million, compared to $5.2 million for fiscal 2012.  Fiscal 2013 average annual sales per estimated saleable square foot for all stores open for at least 12 months, on a comparable 52-week period, increased to $321, compared to fiscal 2012 average annual sales per estimated saleable square foot of $309 for all stores open for at least 12 months as of March 31, 2012.

In fiscal 2014, the Company currently intends to increase its store count by approximately 10%, all of which are expected to be opened in existing markets.

99¢ Only Stores


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