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COMMERCE, Calif. - Discount retailer 99 Cents Only Stores on Thursday reported better-than-expected first-quarter sales as shoppers flocked to its stores for basics amid tough economic times.
Total first-quarter sales grew 8.9 percent year-over-year, reaching $332.1 million. That's above analysts' average forecast of $322.3 million, according to a Thomson Reuters poll.
The company's same-store sales, or sales at stores open at least a year, grew 7.2 percent.
Same-store sales are considered an important measure of a retailer's performance as they do not include the impact of recently opened stores.
Total transactions at stores open at least a year grew 6 percent and the value of the average transaction grew 1.2 percent to $9.56.
Shares of the discounter rose 11 cents to close at $13.63 Thursday.
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