|
CNBC'S MOST SHARED
- Unemployed? Bored? Make Money Playing Beer Pong
- Social Networking's 'Naked' Truth
- WPP's Sir Martin Sorrell on the Ad Recession
- The Highest Grossing (Inflation Adjusted) Movies of All Time
- Merrill's McCann Seen as UBS Wealth Frontrunner
- Geek Squad V. Gizmodo
- Warren Buffett's Top Three Investment Rules for the Average American
- Why You Should Watch Fund Flows
- Earnings 101: Beyond The Big Names
- Blog You!!!
- Stimulus Will Kick in Later this Year: President Obama
- Lender CIT Group Hires Premier Bankruptcy Adviser
- Government Selling Bank Stakes for Too Cheap: Panel
- Buffett's Top 3 Investment Rules for Average Americans
- Market Insider: Earnings Loom in the Week Ahead
- Bulls Get Summertime Blues, But It's Hot Fun for Bears
- As Banks Fail, Strong Institutions Become More Visible
- GM IPO in Second Quarter 2010 at the Earliest: CFO
- Merrill's McCann Seen as UBS Wealth Frontrunner
- Eric Schmidt on Government Scrutiny and Economic Recovery
- Market 360: The Week's Best & Worst
- Geek Squad V. Gizmodo
- Brandt: Google Chrome OS in the Post-PC Age
- Other People Are Weirder Than We Are
- Bank Failures: Is The Nightmare Over? (Video)
- California Here I Go? No.
- Roginsky: No More Mr. Nice Guy
- Commercial Conundrum
Text Size 
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.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes