CITY OF COMMERCE, CA - 99 Cents Only Stores has named Andrew Giancamilli, Chairman of the Board, as the company’s Interim President & CEO following the resignation of Stéphane Gonthier. The reason behind Gonthier’s departure was not announced.
“We would like to thank Stéphane for his service. He has been instrumental in leading 99 Cents Only Stores through a transformative period of dynamic change,” said David Kaplan, a Board of Directors member and Co-Founder and Senior Partner of Ares Management.
Gonthier was named President and CEO of 99 Cents Only Stores in September 2013, and formerly served as the COO of Dollerama, Inc. Under his guidance, 99 Cents Only Stores opened a record 40 net new stores during its fiscal 2015 year and completed a major store remodeling program under its “Go Taller” initiative. The “Go Taller” initiative raised the height of shelving across the chain to “create a dramatic canvas for visual merchandising,” according to a press release.
Fresh produce has proven to be a key sales driver for 99 Cents Only Stores, as previously seen in its Q1 2014 report, but only time will tell whether Giancamilli will bring a renewed focus on the category. As we previously reported, our local 99 Cents Only store sold items from companies including Tanimura & Antle, Taylor Farms, Freska, Well-Pict, and more. For now, however, Giancamilli suggests that store operations will proceed as usual.
Giancamilli, who brings more than 30 years of experience in leading large retail businesses to the brand, said in a press release, “Our plan during this time is to continue business as usual while we work to execute on the company’s growth strategies as one of the leading extreme value retailers in the country.”
In 99 Cents Only Stores’ most recent Q4 2015 financial report, net sales increased $6.9 million to $512.6 million, compared to $505.7 million in the fourth quarter of fiscal 2014. During the fourth quarter, the company opened 21 net new stores, coming to a total of 383 stores.
