Losses continue to mount at Bon-Ton Stores

The Bon-Ton Stores Inc., the parent company of Boston Store with headquarters in Milwaukee and York, Pa., today reported a fiscal first quarter net loss of $26.6 million, or $1.41 per share, which was an improvement over a net loss of $40.8 million, or $2.23 per share, in the same period a year ago.

The company’s comparable store sales for the first quarter increased 1.2 percent over the first quarter of fiscal 2012. The firm’s total sales increased 1.0 to $646.9 million, compared with $640.8 million a year earlier.

Brendan Hoffman, president and chief executive officer, said, “Our first quarter financial results reflect meaningful progress on our strategic initiatives. Comparable store sales increased in spite of inclement weather. Enhancements to our eCommerce business again yielded double-digit sales growth while we saw increased penetration of proprietary credit card sales due to concentrated efforts to drive this business. Our gross margin rate benefited from a better balanced merchandise mix and a more effective markdown strategy.” 

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