- Commods, Banks Drag Euro Stocks Down
- European Stocks to Open Sharply Lower
- Toshiba to Briefly Halt Chip Output on Weak Demand
- Boeing Mulls Pushing Back Dreamliner Deliveries
- Chief Executive Quits Australian Publisher Fairfax
- Asian Markets Wobble on Gloomy Economic Outlook
- Motor Racing-Honda Pulls Out of Formula One
- Job Cuts Picking Up Steam Just in Time for Holidays
- Pros Say: Bear Market Rallies = New Reality
- Wall of Shame: Fortress Investment's Wes Edens
- Cramer to Geithner: Let FDIC Chair Keep Her Job
- Lightning Round: Boeing, Medtronic, Agrium and More
- Lightning Round OT: Continental, Amylin Pharma and More
- Sell Block: Cramer's Solution for Mortgage-Backed Paper Mess
- Toll Brothers CEO's Housing Outlook
- Making Money Off M&A
- Your First Move For Friday December 5th
- Web Extra: Fast & Furious Trades For Friday
Prices at 99 Cents Only Stores are edging closer to a buck.
The discount retailer on Monday announced the first price increase in its 26-year history, raising the cost of household items, food and other items by almost a penny. The company blamed inflation and rising food and energy prices for its new 99.99-cent prices.
The increase means the maximum price in the stores will still fall below a dollar while helping the company offset some of the higher costs of doing business, CEO Eric Schiffer said.
The City of Commerce-based company has posted two consecutive quarterly losses. The company said last month it lost $1.5 million, or 2 cents per share, during the April-to-June period. During the same period last year, 99 Cents Only Stores earned $3 million, or 4 cents per share.
The company, founded in Los Angeles, is the nation's oldest dollar chain store. It has expanded to 277 locations in California, Nevada, Arizona and Texas.
For the opening of its new stores in Redondo Beach and Las Vegas last month, the company sold iPod Nanos for 99 cents to the first nine customers.







