YORK, Pa.--(BUSINESS WIRE)--The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced comparable store sales for the four weeks ended January 29, 2011 increased 0.3%. Total sales of $180.1 million for the four weeks were even with the prior year period.
For the fourth quarter of fiscal 2010, comparable stores sales increased 0.8%. Total sales for the thirteen weeks ended January 29, 2011 increased 0.8% to $1,010.0 million compared with $1,002.1 million for the prior year period.
Year-to-date comparable store sales increased 0.9%. Year-to-date total sales increased 0.7% to $2,980.5 million compared with $2,959.8 million for the same period last year.
Tony Buccina, Vice Chairman and President – Merchandising, commented, “We were pleased with our positive comparable store sales increase despite inclement weather throughout the month. Our semi-annual home sale in the third week of January kicked off the new year with double-digit increases for the category, with customers responding favorably to our new home assortments. Other businesses with notable performances were fine jewelry, ladies outerwear, cosmetics, shoes, men's and better missy sportswear. Our weakest performing businesses were ladies moderate and petite and women’s sportswear and children’s. Our ecommerce business continues to perform very well, with having doubled sales over the prior year period in January. The quality of our inventory is excellent reflecting increased transitional merchandise deliveries and our floors are set and ready for spring selling.”
Keith Plowman, Executive Vice President and Chief Financial Officer, stated, “The Company’s excess capacity at the end of our fiscal year was approximately $472 million. The significant increase in excess capacity from the end of the prior year positioned the Company to pay back the $75 million second lien term loan on Monday, January 31, 2011.”
Financial results for the fourth quarter and fiscal 2010 are scheduled to be released Wednesday, March 9, 2011. The Company’s quarterly conference call to discuss the financial results will be broadcast live over the Internet on March 9, 2011 at 10:00 am eastern time. To access the call, please visit the investor relations section of the Company’s website at http://investors.bonton.com. An online archive of the broadcast will be available within one hour after the conclusion of the call.
The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 275 department stores, which includes 11 furniture galleries, in 23 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson Pirie Scott, Elder-Beerman, Herberger’s and Younkers nameplates and, in the Detroit, Michigan area, under the Parisian nameplate. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. For further information, please visit the investor relations section of the Company’s website at http://investors.bonton.com.
Certain information included in this press release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which may be identified by words such as “may,” “could,” “will,” “plan,” “expect,” “anticipate,” “estimate,” “project,” “intend” or other similar expressions, involve important risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. Factors that could cause such differences include, but are not limited to, risks related to retail businesses generally; a significant and prolonged deterioration of general economic conditions which could negatively impact the Company, including the potential write-down of the current valuation of intangible assets and deferred taxes; changes in the terms of the Company’s proprietary credit card program; potential increase in pension obligations; consumer spending patterns, debt levels, and the availability and cost of consumer credit; additional competition from existing and new competitors; inflation; deflation; changes in the costs of fuel and other energy and transportation costs; weather conditions that could negatively impact sales; uncertainties associated with expanding or remodeling existing stores; the ability to attract and retain qualified management; the dependence upon relationships with vendors and their factors; a data security breach or system failure; the ability to reduce or control SG&A expenses; the incurrence of unplanned capital expenditures; the ability to obtain financing for working capital, capital expenditures and general corporate purpose; the impact of new regulatory requirements including the Credit Card Accountability Responsibility and Disclosure Act of 2009 and the Health Care Reform Act; and the financial condition of mall operators. Additional factors that could cause the Company’s actual results to differ from those contained in these forward-looking statements are discussed in greater detail under Item 1A of the Company’s Form 10-K filed with the Securities and Exchange Commission.