YORK, Pa.--(BUSINESS WIRE)--The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced comparable store sales for the four weeks ended August 27, 2011 decreased 4.7%. Total sales decreased 5.4% to $177.1 million for the four weeks compared with $187.2 million for the prior year period.
Year-to-date comparable store sales decreased 1.8%. Year-to-date total sales decreased 2.4% to $1,422.5 million compared with $1,457.1 million for the same period last year.
Tony Buccina, Vice Chairman and President – Merchandising, commented, “In this transitional month in which we continued to convert our merchandise to the new updated mix, our best performing businesses were cosmetics, with solid gains in all categories of treatment and fragrance; better sportswear; intimate apparel; watches and updated shoes. We were pleased with the favorable customer response to our expanded shoe assortments in 17 locations, which gives us confidence that shoes will be a key driver of fall sales. Our eCommerce business posted strong sales gains. Tougher businesses continue to be the moderate traditional areas. Back-to-school started off slowly with juniors, children’s and young men’s below last year's sales. We begin September with inventories well positioned in support of merchandise initiatives we believe will drive top line sales in the second half.”
Mr. Buccina continued, “We believe there was a negative impact on our eastern stores from Hurricane Irene, however, it is difficult to quantify the lost sales caused by the disruption to our customers’ shopping patterns.”
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 department 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; the inability or limitations on the Company’s ability to favorably adjust the valuation allowance on deferred tax assets; 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.