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| '''99 Cents Only Stores''' ({{NYSE|NDN}}) is a ] chain in the ] where nearly all the products sold are priced at $0. |
'''99 Cents Only Stores''' ({{NYSE|NDN}}) is a ] chain in the ] where nearly all the products sold are priced at $0.9999. Its headquarters are in ].<ref>"." 99¢ Only Stores. Retrieved on January 21, 2010.</ref> | ||
| Some products are less than this, and only two products (milk & mylar baloons) are known to be more than 99 cents. Founded by David Gold in 1982, most of the stores are located in ], with others in ], ] and ], as of June 2009 totally 271 stores. The company also operates '''Bargain Wholesale''', which sells wholesale from showrooms in ], ], and ]. | Some products are less than this, and only two products (milk & mylar baloons) are known to be more than 99 cents. Founded by David Gold in 1982, most of the stores are located in ], with others in ], ] and ], as of June 2009 totally 271 stores. The company also operates '''Bargain Wholesale''', which sells wholesale from showrooms in ], ], and ]. | ||
Revision as of 22:27, 16 February 2010
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| Company type | Public (NYSE: NDN) |
|---|---|
| Industry | Discount, variety store |
| Founded | 1982 |
| Founder | David Gold |
| Headquarters | Commerce, California, USA |
| Number of locations | 271 |
| Key people | David Gold Chairman Eric Schiffer CEO & Director |
| Revenue |  $1.30 billion (2009) |
| Operating income | $12.91 million (2009) |
| Net income | $8.48 million (2009) |
| Total assets | $662.87 million (2009) |
| Total equity |  $$523.85 million (2009) |
| Number of employees | 11,500 (2009) |
| Website | 99only.com |
99 Cents Only Stores (NYSE: NDN) is a price-point retailer chain in the United States where nearly all the products sold are priced at $0.9999. Its headquarters are in Commerce, California.
Some products are less than this, and only two products (milk & mylar baloons) are known to be more than 99 cents. Founded by David Gold in 1982, most of the stores are located in Southern California, with others in Nevada, Arizona and Texas, as of June 2009 totally 271 stores. The company also operates Bargain Wholesale, which sells wholesale from showrooms in Los Angeles, Chicago, and Houston.
Background
Gold first came up with the idea as a means to liquidate slow selling wines at his liquor store. After prompting from a friend, he then created a full store of these bargains. To get publicity, he sold televisions for 99 cents on the first day, then had family members calling TV stations to ask about the commotion caused by the lines. The practice continues today as 99 Cents Only Stores will sell a high priced item (currently an iPod nano) for 99 cents to the first nine customers in line on opening day, and other limited items for the following week. Despite its image, the company operates a basic information technology operation with a computer system ordering stockers in the distribution center and point of sale registers tracking purchases at every store. The Texas distribution center is a former Albertsons facility bought when they chose to exit the Houston market.
99 Cents Only Stores advertises that it is open "9 days a week", often invoking humorous commentary on holidays with products sold for 99 cents. The company also celebrates the 99th birthday of public figures and names 99 year old individuals as honorary spokespersons. Photographer Andreas Gursky's diptych of the inside of the Hollywood, California 99 Cents Only store became the most expensive photograph ever sold in February 2007, auctioned for $3.3 million.
In October 2007, a more flexible pricing structure was implemented where items are sold for prices lower than 99 cents (for example, 69 or 49 cents). The management believes that this will permit better management of commodity price increases.
In September 2008, the company raised its highest price to 99.99 cents—the first increase in the history of the franchise—to combat "dramatically rising costs and inflation."
Despite having announced on September 18, 2008, that the company would close all stores in Texas, it announced in February 2009 that it will close only one-third of its Texas stores. The company quoted a rise in sales, and plans to keep the stores open, as long as the stores remain profitable.
The company is headquartered in the City of Commerce, California.
References
- "Contact Us." 99¢ Only Stores. Retrieved on January 21, 2010.
- http://www.cioinsight.com/print_article2/0,1217,a=117140,00.asp
- Public Lot Details, February, 2007
- 99¢ "Only Stores Announces a $5.2 Million Loss for the Second Quarter of Fiscal 2008 Ended September 30, 2007"
- http://www.bloomberg.com/apps/news?pid=20601087&sid=a0UtgD74RCms
- http://www.mysanantonio.com/business/99_Cents_Only_closing_all_its_Texas_stores.html 99 Cents Only closing all its Texas stores
- http://www.dallasnews.com/sharedcontent/dws/bus/industries/retail/stories/020509dnbus99centsonly.1c52bfa3.html 99 Cents Only Stores to stay open after all
- Coffey, Brendan. "Every penny counts." Forbes, September 30, 2002.
External links
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- 99¢ Only official website
- Bargain Wholesale
- Dollar Tree Dollar Tree is the largest chain of price-point retail stores.