Ninety-nine cents just doesn't go as far as it used to, and that's a problem for the 99 Cents Only Stores chain.

Faced with fast-rising inflation and soaring food prices, the retailer -- known for never selling anything for more than 99 cents -- is reevaluating its pricing strategy. And that could mean breaking the $1 barrier for the first time in the company's 26-year history.

"There's no question we're going to need to do something," Chief Executive Eric Schiffer said to analysts this month after reporting the chain's second consecutive quarter of red ink. "When you are part of a family that comes up with a concept, sometimes you're the last to admit that it needs to be changed."

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