99 Cents Only Stores’ Profit Drops 61%

Discount retailer 99 Cents Only Stores Inc. said third-quarter profit fell by 61% to $4.7 million, or 7 cents a share, from $12.1 million, or 17 cents, a year earlier. Sales at stores open at least one year, or same-store sales, increased 0.5%.

The company also announced that founder Dave Gold would retire as chief executive, effective Jan. 1, but would remain chairman. President Eric Schiffer will become CEO and chairman of the board’s executive committee.

* Carlsbad, Calif.-based sporting goods maker K2 Inc. reported third-quarter net income of $13.2 million, or 26 cents a share, on revenue of $333.5 million, compared with net income of $3.4 million, or 12 cents, on revenue of $168 million a year earlier.

* RealNetworks Inc. said its third-quarter loss widened to $7 million on higher legal expenses and costs from selling and marketing digital music. The net loss equaled 4 cents a share, compared with a loss of $3.65 million, or 2 cents, a year earlier. Sales rose 32% to $68.3 million.