Deep discount retailer 99 Cents Only Stores has named Jack Sinclair CEO upon the retirement of President and CEO Geoffrey Covert. Sinclair joined the company in 2015 as Chief Merchandising and Marketing Officer.
As part of the executive shuffle, Jason Kidd, Senior VP of Store Operations, has been appointed COO.
Sinclair served more than seven years as EVP of the U.S. Grocery Division at Walmart and previously spent 14 years at Safeway PLC in London, where he managed store operations, merchandising and marketing asGroup Marketing and Trading Director.
The retailer also unveiled changes to its Board of Directors. Norman Axelrod, a Director since 2012, has been named Chair of the Board, succeeding Andrew Giancamilli, who will continue to serve as a Director. Felicia Thornton has been named Vice Chair of the Board and will continue to serve in her current capacity as the company’s CFO.
99 Cents Only expects preliminary annual fiscal 2018 revenue to be between $2.26 and 2.27 billion — a potential 12% sales increase from the $2.02 billion achieved in 2017 — with an estimated annual same-store sales increase of 8.0% to 8.5%. Preliminary Q4 same-store sales are expected to increase by 6.0% to 7.0%, representing same-store sales growth of more than 12% on a two-year stack basis.
The retailer unveiled a new web site In January designed to improve the user experience and create a “treasure hunt style shopping experience” through consumer-generated social content feed.