99¢ Only Stores®, In Response To Dramatically Rising Costs And Inflation, Is Forced To Announce Its First Ever Price Increase
Raising Its Top Price From 99¢ To 99.99¢, Which Is An Increase Of Almost A Whole Penny, Resulting In A New Maximum Retail Price Of Still Just Under A Dollar
Sep 8, 2008
CITY OF COMMERCE, Calif.--(BUSINESS WIRE) -- 99¢ Only Stores® (NYSE: NDN), where customers shop first for exceptional values on everyday name brand items, announces its first ever price increase in 26 years, raising its top price of 99¢ to 99.99¢, which is an increase of almost a whole penny. This just under a penny increase means that the new maximum price in the store will still be just under a dollar. The new price point will be implemented across the company’s 277 stores later this month.
Eric Schiffer, CEO of 99¢ Only Stores, said, “In response to dramatically rising costs and inflation, 99¢ Only Stores® is forced to raise its price by almost one full penny to 99.99¢, which is still just below a dollar. 99¢ Only Stores® is committed to always offering its wonderful customers the best values on a broad selection of quality name brand merchandise. This nearly one cent price raise will help 99¢ Only Stores® offset some of the increased costs of doing business including higher fuel and commodity costs, while still maintaining its leading position as America’s Inflation Fighter!”
“Just as Motel 6® was eventually forced to raise its price above $6, after 26 years we are forced to raise our price by just about one cent. We currently have a greater selection and better values than ever, and this almost an entire penny increase will help 99¢ Only Stores® to continue to provide an expansive assortment of quality products at unbeatable values to its customers including basic household supplies, health and beauty, hardware, pet care, back-to-school, electronics and especially groceries. 99¢ Only Stores® carries a wide variety of groceries from gourmet to organic food items, as well as fresh fruits and vegetables, eggs, milk, bread and other fresh baked goods, pasta and frozen food. With everything priced under a dollar, 99¢ Only Stores® gives consumers who want to save money a great alternative to shop for their weekly grocery needs. We believe 99¢ Only Stores is “The Right Store…Now More Than Ever!”, and we thank our customers for their support and appreciate their business.”
“This year we are doing more business than we have ever done and same-store sales have continued strengthening in the current quarter. Over the past few months, we have received a great deal of publicity about the exceptional value and quality we provide on food and other basic household items. We believe this positive publicity will continue to help generate additional customer traffic and grow our customer base during these tough economic times.”
Founded in 1982, 99¢ Only Stores® is the nation’s oldest single-price retailer. 99¢ Only Stores® has 277 stores located in California, Texas, Arizona and Nevada, with its busiest store located on Wilshire Boulevard adjacent to Beverly Hills, California!
Note to Editors: 99¢ Only Stores® news releases and information available on the company’s website at http://www.99only.com
For further information: 99¢ Only Stores®, City of Commerce Elsy Guardado, 323-627-8927 firstname.lastname@example.org