The Bon-Ton Stores Inc., which has corporate headquarters in Milwaukee and York, Pa., today reported fourth quarter net income of $74.4 million, down 4.8 percent from $78.2 million in the previous fiscal fourth quarter.
For the full fiscal year the company lost $21.55 million, up 77.7 percent from a net loss of $12.13 million in the previous fiscal year.
Nevertheless, president and chief executive officer Brendan Hoffman said, “we were pleased with our fourth quarter results and our accomplishments throughout 2012. We sequentially improved the business each quarter through a number of key initiatives, including a better balanced merchandise assortment, more disciplined inventory management, enhanced marketing efforts and upgrades to our eCommerce business.”
The company reported fourth quarter net income of $1.015 billion, up from $983.23 million in the previous fourth quarter. For the full year the company reported net sales of $2.92 billion, up $2.88 billion in the previous fiscal year. However, the fourth quarter and full year results for the 2012 fiscal year were a week longer than the previous fiscal quarter and year.
“As we look ahead, we are excited for continued progress on our initiatives as we gain additional insights into the business,” Hoffman said. “We believe we laid the foundation in 2012, which we intend to enhance with new strategies, paving the way for sustainable long-term growth.”