Bon-Ton Stores (BONT) Reports Q3 Loss of $2.19

Bon-Ton Stores (NASDAQ: BONT) reported Q3 EPS of ($2.19), versus ($1.58) reported last year. Revenue for the quarter fell 7.6% to $545.3 million, versus $589.9 million reported last year.

Comparable store sales decreased 6.6% as compared with the prior year period.

William Tracy, President and Chief Executive Officer, commented, “While results in the third quarter fell short of our expectations, we are taking more aggressive actions to fuel improved performance as well as strengthen our financial position. We are executing with a sense of urgency as we work to enhance our merchandise assortment, drive growth in omnichannel, and implement a more focused marketing strategy to improve traffic and customer engagement. We are also focused on cost reductions through the continued rollout of our profit improvement initiatives. In addition, we expect to implement a significant store rationalization program and plan to close at least 40 locations through 2018. This will enable us with moving forward with a more productive store footprint and redirecting capital expenditures toward investments designed to drive sales growth. We are working with our advisors to proactively engage with our debt holders to establish a sustainable capital structure to support the business. We believe that the actions we are taking position us to drive improved and consistent financial performance over the long term. With our new merchandising initiatives in place and more seasonable November weather, we are already seeing a positive comparable store sales trend and believe we are well-positioned for a successful holiday season.”

For earnings history and earnings-related data on Bon-Ton Stores (BONT) click here.

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