Eric Schiffer: Steering the Company in a Successful Expansion Bid
Eric Schiffer is the CEO, Assistant Corporate Secretary, Director and chairperson of executive Committee “99 Cent Only Stores”, founded more than 25 years ago. “99 Cents Only Stores” offers a wide range of consumer goods as well as closeout merchandise. The store specializes in foods and beverages. It also provides consumers with household and hardware products. The company offers name brand, off brands and private label items. In addition, the company sells its merchandise to exporters, distributors and retailers. As at January 2012, the company operated 292 stores; 214 in California, 13 in Nevada, 36 in Texas and 29 in Arizona.
Growth for the 3rd quarter ending December 31, 2011:
Eric Schiffer holds a BS in engineering from Duke University and MBA from Harvard Business School. Prior to joining “99 Cents Only Stores” in 1991, Mr. Schiffer worked for Oxford Partners as a venture capitalist from the year 1987 to 1991. Mr. Schiffer has been successful in ensuring that the company delivers on quality consumables, priced competitively in convenient and attractive merchandised stores. Mr. Schiffer leads a team of 12,000 employees dedicated towards eliminating inefficiencies and waste because every penny counts.
Eric Schiffer has been successful in transforming the company into a billion per year Sale Company. In the third quarter ending December 31, 2011, the company realized a $403.9 million sale; an 8.9% growth over the same period that Mr. Schiffer was pleased to announce. Furthermore, he has been successful in steering the company in its expansion bid. As a result, new stores were recently opened in California, Texas and Arizona. In spite of these successes, the company seeks to accelerate its growth rate to 10% in the fiscal year 2013.
An increase in traffic:
Eric Schiffer is responsible for the performance of close to 300 stores- 214 present in California, 13 in Nevada, 36 in Texas and 28 in Arizona. “99 Cents Stores” caters for the needs of low and middle income, willing to stretch their dollar- particularly in a recession. Recently, the company was able to witness an increase in traffic, arising from new customers hard pressed by a harsh economy; Wilshire Boulevard, a short distance from Beverly Hills was able to report one of the highest sales volumes. During his tenure, Mr. Schiffer has been able to steer the company to a more than $10 million profit annually- in spite of the majority of items being valued for less than 99 cents.
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