99 Cents Only Stores said Wednesday that its fiscal fourth-quarter profit rose 141 percent on higher sales and decreased expenses.

After the markets closed, the Commerce discount retailer reported net income of $16.9 million (24 cents per share) for the quarter ended March 27, compared with net income of $7 million (10 cents) a year earlier.

Analysts surveyed by Thomson Reuters on average expected a profit of 17 cents per share.

Revenue rose 3 percent to $339 million, with same-store revenue up 3.5 percent.

For the fiscal year, the company earned $60.4 million (87 cents), compared with $8.5 million (2 cents) a year earlier. Analysts had expected per-share profit of 79 cents.

“We believe that these strong results are a validation of the strength of our retail concept,” said Chief Executive Eric Schiffer in a statement.

Shares earlier closed up 53 cents, or 3.6 percent, to $15.16 on the Nasdaq.