Bon-Ton improves quarterly earnings

YORK, Pa. Bon-Ton announced that net income totaled $80.3 million, or $4.34 per diluted share, for the fourth quarter of fiscal 2009 compared with a net loss of $87.7 million, or $5.22 per diluted share, for the fourth quarter of fiscal 2008. Comparable-store sales for the fourth quarter of fiscal 2009 decreased 2.4%.

For fiscal 2009, Bon-Ton reported a net loss of $4.1 million, or 24 cents per diluted share, for fiscal 2009 compared with a net loss of $169.9 million, or $10.12 per diluted share, for fiscal 2008. Comparable-store sales for fiscal 2009 decreased 5.4%.

Bud Bergren, president and CEO, commented, “We recognized early on the challenges we were going to face in 2009. Initiatives were identified and implemented throughout 2008 and 2009 to improve our cost structure and better position the Company for the weakened economy as well as for the longer term.”