99 ONLY STORES (NDN, Financial) filed Quarterly Report for the period ended 2012-09-29.
99 Only Stores has a market cap of $778.37 million; its shares were traded at around $0 . 99 Only Stores had an annual average earning growth of 21.7% over the past 10 years.
Gross profit. Gross profit increased $4.9 million, or 3.4%, to $150.7 million in the second quarter of fiscal 2013, from $145.8 million in the second fiscal quarter of 2012. As a percentage of net sales, overall gross margin decreased to 38.3% in the second quarter of fiscal 2013, from 40.2% in the second quarter of fiscal 2012. Among the gross profit components, cost of products sold increased by 100 basis points compared to second quarter of fiscal 2012, primarily due shift in product mix. Inventory shrinkage increased by 90 basis points compared to second quarter of fiscal 2012, primarily due to higher inventory shrinkage based on the store physical inventories taken during the second quarter of fiscal 2013 and the resulting increase in our inventory shrinkage reserves. The remaining change was made up of increases in other less significant items included in cost of sales.
Gross profit: Gross profit increased $13.1 million, or 4.5%, to $307.7 million for the first half of fiscal 2013, from $294.6 million for the first half of fiscal 2012. As a percentage of net sales, overall gross margin decreased to 38.7% for the first half of fiscal 2013, from 40.3% for the first half of fiscal 2012. Among the gross profit components, cost of products sold increased by 80 basis points compared to the first half of fiscal 2012, primarily due to a shift in product mix and merchandise price increases. Inventory shrinkage increased 70 basis points compared to the first half of fiscal 2012, primarily due to higher inventory shrinkage based on the store physical inventories taken during the first half of fiscal 2013 and the resulting increase in our inventory shrinkage reserves. The remaining change was made up of increases and decreases in other less significant items included in cost of sales.
Operating expenses: Operating expenses increased by $11.2 million, or 4.9%, to $239.1 million for the first half of fiscal 2013 compared to $227.9 million for the first half of fiscal 2012. As a percentage of net sales, operating expenses decreased to 30.1% for the first half of fiscal 2013, from 31.2% for the first half of fiscal 2012. Of the 110 basis points decrease in operating expenses as a percentage of net sales, retail operating expenses decreased by 70 basis points, distribution and transportation expenses were flat, corporate expenses decreased by 10 basis points and other items decreased by 30 basis points.
Net cash used by investing activities during the first half of fiscal 2013 was $6.3 million. Net cash used in investing activities during the first half of fiscal 2012 was $25.8 million. In the first half of fiscal 2013 and fiscal 2012, we used $19.9 million and $23.6 million, respectively, for the purchase of property and equipment. We purchased $0.4 million of investments and received proceeds of $2.5 million from the sales and maturities of investments during the first half of fiscal 2013. We received proceeds of $11.5 million from the disposal and sale of fixed assets during the first half of fiscal 2013. We purchased $50.4 million of investments and received proceeds of $48.2 million from the sales and maturities of investments during the first half of fiscal 2012. We received proceeds of less than $0.1 million from the disposal properties and fixed assets during the first half of fiscal 2012.
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99 Only Stores has a market cap of $778.37 million; its shares were traded at around $0 . 99 Only Stores had an annual average earning growth of 21.7% over the past 10 years.
Highlight of Business Operations:
analyze our inventory levels and related cash discounts received to arrive at a value for cash discounts to be included in the inventory balance. We do not include purchasing, receiving, distribution, warehouse costs and transportation to and from stores in our cost of sales, which totaled $19.0 million and $17.5 million for the second quarter of fiscal 2013 and the second quarter of fiscal 2012, respectively and totaled $37.1 million and $34.6 million for the first half of fiscal 2013 and 2012, respectively. Due to this classification, our gross profit rates may not be comparable to those of other retailers that include costs related to their distribution network in cost of sales.Gross profit. Gross profit increased $4.9 million, or 3.4%, to $150.7 million in the second quarter of fiscal 2013, from $145.8 million in the second fiscal quarter of 2012. As a percentage of net sales, overall gross margin decreased to 38.3% in the second quarter of fiscal 2013, from 40.2% in the second quarter of fiscal 2012. Among the gross profit components, cost of products sold increased by 100 basis points compared to second quarter of fiscal 2012, primarily due shift in product mix. Inventory shrinkage increased by 90 basis points compared to second quarter of fiscal 2012, primarily due to higher inventory shrinkage based on the store physical inventories taken during the second quarter of fiscal 2013 and the resulting increase in our inventory shrinkage reserves. The remaining change was made up of increases in other less significant items included in cost of sales.
Gross profit: Gross profit increased $13.1 million, or 4.5%, to $307.7 million for the first half of fiscal 2013, from $294.6 million for the first half of fiscal 2012. As a percentage of net sales, overall gross margin decreased to 38.7% for the first half of fiscal 2013, from 40.3% for the first half of fiscal 2012. Among the gross profit components, cost of products sold increased by 80 basis points compared to the first half of fiscal 2012, primarily due to a shift in product mix and merchandise price increases. Inventory shrinkage increased 70 basis points compared to the first half of fiscal 2012, primarily due to higher inventory shrinkage based on the store physical inventories taken during the first half of fiscal 2013 and the resulting increase in our inventory shrinkage reserves. The remaining change was made up of increases and decreases in other less significant items included in cost of sales.
Operating expenses: Operating expenses increased by $11.2 million, or 4.9%, to $239.1 million for the first half of fiscal 2013 compared to $227.9 million for the first half of fiscal 2012. As a percentage of net sales, operating expenses decreased to 30.1% for the first half of fiscal 2013, from 31.2% for the first half of fiscal 2012. Of the 110 basis points decrease in operating expenses as a percentage of net sales, retail operating expenses decreased by 70 basis points, distribution and transportation expenses were flat, corporate expenses decreased by 10 basis points and other items decreased by 30 basis points.
Net cash used by investing activities during the first half of fiscal 2013 was $6.3 million. Net cash used in investing activities during the first half of fiscal 2012 was $25.8 million. In the first half of fiscal 2013 and fiscal 2012, we used $19.9 million and $23.6 million, respectively, for the purchase of property and equipment. We purchased $0.4 million of investments and received proceeds of $2.5 million from the sales and maturities of investments during the first half of fiscal 2013. We received proceeds of $11.5 million from the disposal and sale of fixed assets during the first half of fiscal 2013. We purchased $50.4 million of investments and received proceeds of $48.2 million from the sales and maturities of investments during the first half of fiscal 2012. We received proceeds of less than $0.1 million from the disposal properties and fixed assets during the first half of fiscal 2012.
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