Bon-Ton Stores reports loss of $34.1 million in first quarter

Freeman Staff

May 21, 2015

MILWAUKEE — The Bon-Ton Store, Inc. reported a net loss in the first quarter of $34.1 million, or $1.74 per diluted share, while comparable store sales increased 0.8 percent compared to the same quarter in 2014.

According to the Thursday report, the company reported a net loss of $31.5 million, or $1.63 per diluted share, in the first quarter of fiscal 2014. The adjusted EBITDA was $4.1 million in the first quarter of fiscal 2015, compared with $7.1 million in the first quarter of fiscal 2014.

“While we saw top-line pressure in the first quarter, we delivered a comparable store sales increase of 0.8 percent, with growth in both brick and mortar and eCommerce channels, and effectively managed our expenses, leveraging expense decreases to an 80-basis-point reduction in our selling, general and administrative rate. In addition, we saw some wins in merchandising, including strength in moderate sportswear, active wear and men's furnishings, while efforts in our localization strategies continue to generate good results. Gross margin dollars and rate decreased due to increased eCommerce distribution and delivery costs and an unfavorable comparison to prior year permanent markdowns,” said Kathryn Bufano, president and chief executive officer, in a statement.

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