Bon-Ton Stores (BONT) Comps Down 2.6% for December 2009
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The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced comparable store sales for the five weeks ended January 2, 2010 decreased 2.6%. Total sales for the five weeks decreased 3.0% to $511.1 million compared with $527.2 million for the prior year period.
Year-to-date comparable store sales decreased 6.1%. Year-to-date total sales decreased 6.0% to $2,779.7 million compared with $2,958.0 million for the same period last year.
Tony Buccina, Vice Chairman and President - Merchandising, commented, "We are pleased with our December sales results, which exceeded expectations despite the snow storms that negatively impacted our performance on key selling days. Our eCommerce business continues to be the fastest growing segment of our company. Our best performing businesses were ladies' accessories and jewelry, shoes, children's and moderate missy sportswear. Outerwear and cold weather accessories posted strong sales results as well. Our weakest performing businesses were furniture, hard home and better missy sportswear. December end-of-month inventory was down 4% on a comparable store basis; this reduction, along with 22% less clearance merchandise, will benefit our margin. Our inventories reflect fresh, transitional merchandise and we are pleased with our customer's positive response."
Keith Plowman, Executive Vice President and Chief Financial Officer, stated, "We ended December with excess borrowing capacity under our revolving credit facility of approximately $488 million, well above the required minimum availability of $75 million."
Year-to-date comparable store sales decreased 6.1%. Year-to-date total sales decreased 6.0% to $2,779.7 million compared with $2,958.0 million for the same period last year.
Tony Buccina, Vice Chairman and President - Merchandising, commented, "We are pleased with our December sales results, which exceeded expectations despite the snow storms that negatively impacted our performance on key selling days. Our eCommerce business continues to be the fastest growing segment of our company. Our best performing businesses were ladies' accessories and jewelry, shoes, children's and moderate missy sportswear. Outerwear and cold weather accessories posted strong sales results as well. Our weakest performing businesses were furniture, hard home and better missy sportswear. December end-of-month inventory was down 4% on a comparable store basis; this reduction, along with 22% less clearance merchandise, will benefit our margin. Our inventories reflect fresh, transitional merchandise and we are pleased with our customer's positive response."
Keith Plowman, Executive Vice President and Chief Financial Officer, stated, "We ended December with excess borrowing capacity under our revolving credit facility of approximately $488 million, well above the required minimum availability of $75 million."
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