99-Cent Only Stores said Friday that it swung to a profit in its fourth quarter as recession weary consumers continued to flock to its discount stores.

After the markets closed, the City of Commerce company reported net income of $7 million (10 cents a share) for the quarter ended March 28, compared with a net loss of $4.4 million (-6 cents) a year ago. Revenue rose 13 percent to more than $329 million.

For the full 2009 year, the company reported net income $8.5 million (12 cents) compared with $2.9 million (4 cents) in fiscal 2008.

“Although we are unsure how much of a positive impact the challenging economy will have on our sales, we do believe 99 & #728; Only Stores, similar to other consumable-oriented, value-focused retailers such as Wal-Mart, is well positioned to benefit from the recessionary economy,” Chief Executive Eric Schiffer said in a statement.

Prior to the announcement, shares closed up 35 cents, or 3 percent, to $10.13 on the New York Stock Exchange, and rose another 3 percent in after-market trading.