Bon-Ton Stores (BONT) Reports Q3 Loss of $1.58; Comps Fall 4.9%
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Bon-Ton Stores (NASDAQ: BONT) reported Q3 EPS of ($1.58), versus ($1.72) reported last year. Revenue for the quarter came in at $589.9 million, versus $623.4 million reported last year.
Comparable store sales decreased 4.9% as compared with the prior year period.
Kathryn Bufano, President and Chief Executive Officer, commented, “Although our third quarter sales performance was impacted by warm weather in addition to soft traffic trends, we made progress on a number of our strategic initiatives. We delivered sales gains in several key categories as well as double digit growth in our omnichannel business and accelerated growth on our mobile site. In addition, we increased our gross margin rate by 170 basis points as a result of improved merchandise margin and reduced delivery costs. We also continued to execute against our cost savings initiatives and reduced inventory by 4.9%.”
Ms. Bufano continued, “Looking ahead, we expect to drive continued momentum in omnichannel with enhancements to our website and mobile site, in addition to our Buy Online Pick Up In-Storeinitiative. We also expect to benefit from our new Love Style Rewards program, continued expansion of new brands and categories, and recently opened furniture departments.”
For earnings history and earnings-related data on Bon-Ton Stores (BONT) click here.
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