99 Cents Only Stores’ profit increases 20%

Discount retailer 99 Cents Only Stores said its fiscal third-quarter profit rose 20% but it would delay filing its final quarterly report with the Securities and Exchange Commission because of an internal stock option probe.

In its preliminary results, the City of Commerce-based company said its profit rose to 12 cents a share from 10 cents in the previous third quarter.

The company has delayed filing its reports since March 31, 2006, because of the internal stock option investigation. The company said it expects to file its delayed reports by March 2007.

The company said its sales rose 8% to $302.1 million from $278.8 million in the same period a year earlier.

For the quarters ending March 31, 2006, and June 30, 2006, the company said it earned about a penny a share and broke even in the quarter ending Sept. 30, 2006. Those numbers were in line with analysts’ estimates.

Financial statements have not been filed for those periods.