99 Cents Only Stores’ Profit Declines 43%

Discount retailer 99 Cents Only Stores said fourth-quarter earnings fell 43% because of weak sales in Texas and a $10.1-million payment to its California workers’ compensation reserve.

Net income in the fiscal fourth quarter fell to $8.7 million, or 12 cents a share, from $15.3 million, or 21 cents, a year earlier. Sales rose 7.5% to $265.9 million.