99 Cents Only Stores to raise prices

LOS ANGELES

The discount retailer announced today the first price increase in its 26-year history, from a flat 99 cents to 99-point-99 cents.

CEO Eric Schiffer says the increase will help the company offset some of the higher costs of doing business.

The City of Commerce-based company has posted two consecutive quarterly losses.

The company is the nation's oldest dollar chain store and has 277 locations in California, Nevada, Arizona and Texas.

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