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Thursday, November 19, 2009
Bon-Ton Stores Narrows Losses
FOXBusiness
Bon-Ton Stores (BONT) narrowed losses for the fiscal third-quarter thanks to better margins and lower costs, the as the regional department-store operator reported on Thursday.
Bon-Ton Stores posted a loss of $4.2 million, or 24 cents a share, for the recent quarter compared with losses in the year prior of $14.3 million, or 85 cents a share. Total sales decreased 2.9% to $703.9 million, while same-store sales dropped 2.6%. Meanwhile, total revenue dropped to $722.6 million, a loss of 3.4%.
Bon-Ton has improved its loss projection from $2.50 per share to $1.20 to $2.30 per share. For same-store sales decline, Bon-Ton now expects a drop closer to 5%-6.5% from 7% to 9%.
The retailer operates chains in the Northeast including Elder-Beerman, Boston Store and Carson Pirie Scott, and has cut 3.5% of its workforce this year in an effort to cut costs.
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