The Bon-Ton Stores, Inc., with corporate headquarters in York, Pa., and Milwaukee, today reported a second quarter net loss of $37.3 million, or $1.95 per share, which was an improvement over a net loss of $45 million, or $2.43 per share, in the same period a year ago.
The parent company of Boston Store said its quarterly comparable store sales decreased 6.4 percent.
The results for the second quarter of fiscal 2012 included a charge of $6.3 million, or 34 cents per share, for fees associated with the exchange of certain of the company’s senior notes due 2014 for second lien senior secured notes due 2017.
Brendan Hoffman, president and chief executive officer, said, “We were disappointed in our second quarter sales performance, but we were pleased we were able to deliver on several of our goals, including a 100 basis point increase in the gross margin rate and reduced expenses, which led to 23 percent growth in adjusted EBITDA. We believe overall sales weakness was in part attributable to the adverse impact of inclement weather in our markets and higher gas prices, especially in the Northeast and Midwest, which contributed to an unfavorable shift in consumer spending patterns. Looking ahead, we remain focused on the continued execution of our key merchandising, marketing and eCommerce strategies, including the localization of our merchandise assortments and marketing programs to drive top-line growth, while maintaining disciplined inventory management and careful cost controls.”
