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For the first time since its inception 26 years ago, 99¢ Only Stores is raising its top price to 99.99 cents, an increase of just under a penny. This keeps the chain of 277 stores in four states within the dollar store realm.
Eric Schiffer, CEO, said, "In response to dramatically rising costs and inflation, 99¢ Only Stores is forced to raise its price by almost one full penny; still just below a dollar." He added that the chain, "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," Schiffer continued. The stores carry 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.
Schiffer also reported that the company's same store sales are continuing to rise. It claims to be the country's oldest single price retailer. Based in City of Industry, CA, the stores are located in California, Nevada, Texas and Arizona.
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