Fibre Optic Connectivity Solutions Home AboveNet UK AboveNet France AboveNet Germany AboveNet Amsterdam

AboveNet News

November 11, 2010
AboveNet Expands High Bandwidth Services Portfolio in London
More>

November 8, 2010
AboveNet Connects with CENX to Expand High Bandwidth Network
More>

September 20, 2010
AboveNet Expands to key European Markets
More>

June 16, 2010
AboveNet's secure fibre network connects to London's Telehouse West data centre
More>

June 7, 2010
AboveNet Expands Metro Portfolio with Launch of Core Wave Services
More>

More News

Search News

 

Geoffrey Covert, and Chief Executive Officer, stated, "I remain encouraged by our progress in executing our turnaround plan. With measurable improvement this past quarter, we have solid momentum as we enter the second half of fiscal 2017. Progress is evident across many aspects of the enterprise and our improved sales performance provides an indication that our plan is taking hold. During the second quarter, same store sales were positive 1.1%, and on a year to date basis, same store sales improved to positive 0.5%. In addition, total inventory as of the end of the second quarter was $176 million, down nearly $100 million from $275 million as of the end of the second quarter last year. Finally, our improved sales performance and lower inventory levels have collectively strengthened our liquidity position. Cash borrowings under our ABL facility are now the lowest they have been in the past two years. As of oakley fuel cell sunglasses w the end of the second quarter cash borrowings under our ABL facility were $21 million, down $19 million compared to the prior quarter end and down $86 million from a year ago." For the second quarter of fiscal 2017, the Company's net sales increased 1.6%, to $496.4 million, compared to $488.5 million in the second quarter of fiscal 2016. Same store sales increased 1.1% compared to the second quarter of fiscal 2016, with higher customer traffic of 1.5% offset by lower average ticket of 0.4%. Positives in same store sales included higher sales in produce, consumables and grocery, as a result of improved product availability and higher in stock levels due to improvements in the allocation and replenishment system, and the expansion of the Company's partnership with a third party produce distributor. Challenges in same store sales included lower seasonal sales due to the overlapping of significant inventory purchases in fiscal 2016, which increased sales but led to excess inventory levels in stores, and prompted ongoing initiatives to clear excess on hand seasonal inventory through promotions and mark downs. In addition, persistent price deflation in dairy negatively impacted sales of milk and eggs. Gross margin, as a percentage of net sales, was 28.4% in the second quarter of fiscal 2017, an increase of 60 basis points from the second quarter of fiscal 2016. Gross margin was higher due to lower inventory shrinkage that was primarily driven by a favorable comparison against the second quarter of last year, when the shrink provision rate was increased to better reflect the unfavorable physical inventory counts completed during the quarter. This was partially offset by higher distribution and transportation expenses during the second quarter of fiscal 2017. Product margin was flat compared to second quarter of fiscal 2016. Selling, general and administrative expenses were $159.5 million, or 32.1% as a percentage of net sales, representing an increase of 50 basis points from the second quarter of fiscal 2016. The increase in selling, general and administrative expenses as a percentage of net sales was primarily driven by an increase in the California minimum wage. During the second quarter of fiscal 2017, the Company sold and concurrently licensed through January 31, 2017 a warehouse facility in the City of Commerce, California with a carrying value of $12.1 million and received net proceeds from this transaction of $28.5 million. Due in part to the significant inventory reductions the Company has achieved in recent quarters, the Company is rationalizing its warehouse footprint and this facility was not considered a strategic asset. The Company expects to completely exit the facility by the end of fiscal 2017. The live Second Quarter Fiscal 2017 Earnings Conference Call can be accessed by dialing 1 877 oakley men's mirrored fuel cell oo9096 407 3982 (domestic) or 1 201 493 6780 (international). Please phone in approximately 10 minutes before the call is scheduled to begin and hold for an operator to assist you. Please inform the operator that you are calling in for 99 Cents Only Stores' Fiscal 2017 Second Quarter Earnings Conference Call, and be prepared to provide the operator with your name, company name, position and the conference ID: 13644107. The Company defines EBITDA as net income before interest expense (income) and other financial costs, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA for the relevant period as adjusted by the following amounts: non cash adjustments to reserve balances, stock based compensation, fees and expenses related to the Merger (as defined below), legal settlements, non ordinary course store closures, and other non cash or one time items. Adjusted EBITDA margin is Adjusted EBITDA divided by total sales. Adjusted EBITDA and Adjusted EBITDA margin as presented herein, are supplemental measures of the Company's performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"). The Company's management uses EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to assess its performance and that of its competitors. In addition, Adjusted EBITDA is used to determine the Company's compliance and ability to take certain actions under the covenants contained in the Company's debt instruments. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures of the Company's financial performance under GAAP and should not be considered in isolation or as alternatives to net income, operating income or any other performance measures derived in accordance with GAAP, as measures of operating performance or operating cash flows or as measures of liquidity. On January 2012, 99 Only Stores was acquired by affiliates of Ares Management LLC, Canada Pension Plan Investment Board and the Gold Schiffer family. The acquisition is referred to as the "Merger." Effective October 2013, 99 Only Stores converted from a California corporation to a California limited liability company, 99 Cents Only Stores LLC. The term the "Company" refers to 99 Only Stores and its consolidated subsidiaries prior to the conversion date and to 99 Cents Only Stores LLC and its consolidated subsidiaries on or after the conversion date. The Company has included statements in this release that constitute "forward looking statements" within the meaning of Section of the Securities Exchange Act, as amended, and Section of the Securities Act of 1933, as amended. As a general matter, forward looking statements are those focused on future or anticipated events or trends, expectations and beliefs including, among other things, (a) affecting the financial condition or results of operations of the Company and (b) business and growth strategies of the Company (including the Company's store opening growth rate) that are not historical in nature. Such statements are intended to be identified by using words such as "believe," "expect," "intend," "estimate," "anticipate," "will," "project," "plan" and similar expressions in connection with any discussion of future operating or financial performance. Any forward looking statements are and will be based upon the Company's then current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. Readers are cautioned not to put undue reliance on such forward looking statements. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected in this release for the reasons, among others, discussed in the reports and other documents the Company files from time to time with the Securities and Exchange Commission, the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections contained in the Company's Annual Report on Form for the fiscal year ended January 2016. The Company undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

oakley fuel cell sunglasses w,oakley men's mirrored fuel cell oo9096

oakley fuel cell sunglasses w,oakley men's mirrored fuel cell oo9096

 

oakley & deane v2,adoption of oakley and deane neighbourhood plan
oakley & deane v2,adoption of oakley and deane neighbourhood plan

oakley frogskins emerald iridium,oakley freight mens insulated ski jacket 2011
oakley frogskins emerald iridium,oakley freight mens insulated ski jacket 2011

oakley flight deck matte black,oakley flight deck matte black prizm rose
oakley flight deck matte black,oakley flight deck matte black prizm rose

oakley glasses z87 approved,zach johnson oakley sunglasses
oakley glasses z87 approved,zach johnson oakley sunglasses

oakley prescription glasses arms,oakley prescription glasses australia
oakley prescription glasses arms,oakley prescription glasses australia

buy authentic oakley sunglasses sunglasses,cheap authentic oakley sunglasses sunglasses
buy authentic oakley sunglasses sunglasses,cheap authentic oakley sunglasses sunglasses

oakley hats for men flex,oakley hats for men red
oakley hats for men flex,oakley hats for men red

city oakley,oakley curve
city oakley,oakley curve

oakley girl sunglasses,oakley crankcase review
oakley girl sunglasses,oakley crankcase review

oakley discount malaysia,oakley military discount canada
oakley discount malaysia,oakley military discount canada

 

 

 

 

 

AboveNet Promotions

AboveNet Webinars

London Network Map

Quick Links

Contact Sales

Contact Sales

UK
[email protected]
+44 (0)20 7220 3822

France
[email protected]
+33 1 77 61 24 23

Germany
[email protected]
+49 163 66 00 00 8

The Netherlands
[email protected]
+31 631 76 631 9

European Partner Programme
[email protected]
+44 (0)20 7220 4355



Contact Support

Network Management Centre (NMC):
0800 169 1646 (UK)
+1 888 636 2778 (Outside of UK)

Technical Support Email:
[email protected]