Former Circle K Exec to Lead 99 Cents Only Chain

Gonthier rises up dollar-store ranks

Stephane Gonthier
Stephane Gonthier

COMMERCE, Calif. -- Former Alimentation Couche-Tard/Circle K executive Stephane Gonthier was named president and CEO of discount chain 99 Cents Only, succeeding Rick Anicetti.

Gonthier has been COO of Dollarama since 2007 and previously was senior vice president Eastern North America of Couche-Tard's Circle K convenience store banner. He joined Couche-Tard in 1997.

Interim CEO Anicetti will return to his role solely as a member of the company's board, according to a NamNews report. He was given the temporary role in January after members of the company's founding Gold and Schiffer families left.

Earlier, the chain swung to a net profit for its fiscal first quarter as sales grew on demand for fresh produce, grocery and discretionary non-food. For the three months through June 29, 99 Cents Only reported a profit of $3.2 million, with sales up 8.2% to $433.9 million, and like-for-like sales up 3.1%.

The chain said the average ticket spend was up 1.4%, while the number of transactions grew by 1.7% as well.

Commerce, Calif.-based 99 Cents Only operates 326 stores in the states of California, Texas, Arizona and Nevada, and plans to add 30 new outlets this year, according to the report.