The 99 Cents and discount super store 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 company has posted two consecutive quarterly losses. The company said last month it lost $1.5 million, or 2 cents a share, during the April-to-June period. During the same period last year, 99 Cents Only Stores earned $3 million, or 4 cents a 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.
I can't even be mad, this could not continue much longer in THIS ecomony.. Where else can you buy a knife, a saw, a PACK of 60 Watt light bulbs, (4) rolls of 2-ply toilet paper, Dried Oregano, Palmolive Dishwashing Liquid, 3 pairs of Panties, a bag of Potatoes, Vitamin C and a bottle of Peroxide all for $10.81. I guess ya'll know where I do my shopping.
[source]
No comments:
Post a Comment