Bon-Ton reports greater quarterly loss
YORK, Pa. The Bon-Ton Stores today reported a wider loss and a sales decrease for its fiscal 2007 third quarter.
For the third quarter, the company reported a net loss of $19.4 million, or $1.17 per diluted share, compared to a net loss of $10.9 million, or 66 cents per diluted share, for the third quarter of fiscal 2006. The company reported a net loss of $63.6 million, or $3.86 per diluted share, for the 39 weeks ended Nov. 3, compared to a net loss of $41.5 million, or $2.53 per diluted share, for the comparable period last year.
The company reported that total sales for the third quarter decreased 2.9% to $780.8 million compared to $804.1 million for the prior year period. Bon-Ton and Carson’s combined comparable-store sales in the same period decreased 3%.
Year-to-date total sales increased 5.4% to $2.2 billion compared to $2.1 billion for the same period last year. For informational purposes only, year-to-date Carson’s comparable-store sales decreased 1%. Year-to-date Bon-Ton comparable-store sales decreased 7.4%.
For fiscal 2007, the company said it expects earnings per diluted share to be in the range of $1.50 to $1.80, total sales to increase 1.3% to 1.7% and comparable-store sales to be down 1.9% to 2.2%.
Keith Plowman, evp and cfo, commented, “Our revised guidance includes the expectation that the retail environment will continue to be promotional through the holidays, and we are managing our inventories and expenses accordingly. We believe we have implemented the right strategies and are managing our business to deliver sustainable long-term sales and earnings growth.