That is actually still in use today.

Working part-time in retail at Staples Canada, I can tell you that all of our prices ending in $x.97 or $x.x7 are clearance; and therefore subject to an additional discount if there is a current promo going on.

As for the random prices, I have no idea. Although it does make it easier when doing prices changes for flyers, because in each section, no two products have the same price (cent wise).