Bon-Ton Stores (BONT) Announces 11.4% Increase in Comps for March 2010
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The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced comparable store sales for the five weeks ended April 3, 2010 increased 11.4%. Total sales for the five weeks increased 11.2% to $272.4 million compared with $245.0 million for the prior year period.
Year-to-date comparable store sales increased 6.5%. Year-to-date total sales increased 6.1% to $472.3 million compared with $445.1 million for the same period last year.
Tony Buccina, Vice Chairman and President – Merchandising, commented, “We are very pleased with our customers' response to our spring assortments as reflected in the strong March comparable store sales results. Sales exceeded our expectations for the month. We expect the combined March/April period to be a more accurate barometer of spring season sales trends due to the impact of an earlier Easter holiday in the current year. We estimate this calendar shift accounted for approximately 500 basis points of our March comparable store sales improvement. Our best performing businesses were shoes; children’s; better, moderate and special size sportswear; men’s furnishings; accessories and intimate apparel. The growth of our private brands and eCommerce business continues to outpace total company. We enter April with inventories much fresher than prior year and clearance inventory down 21%.”
Keith Plowman, Executive Vice President and Chief Financial Officer, stated, “We ended March with excess borrowing capacity under our revolving credit facility of approximately $406 million, well above the required minimum availability of $75 million.”
Year-to-date comparable store sales increased 6.5%. Year-to-date total sales increased 6.1% to $472.3 million compared with $445.1 million for the same period last year.
Tony Buccina, Vice Chairman and President – Merchandising, commented, “We are very pleased with our customers' response to our spring assortments as reflected in the strong March comparable store sales results. Sales exceeded our expectations for the month. We expect the combined March/April period to be a more accurate barometer of spring season sales trends due to the impact of an earlier Easter holiday in the current year. We estimate this calendar shift accounted for approximately 500 basis points of our March comparable store sales improvement. Our best performing businesses were shoes; children’s; better, moderate and special size sportswear; men’s furnishings; accessories and intimate apparel. The growth of our private brands and eCommerce business continues to outpace total company. We enter April with inventories much fresher than prior year and clearance inventory down 21%.”
Keith Plowman, Executive Vice President and Chief Financial Officer, stated, “We ended March with excess borrowing capacity under our revolving credit facility of approximately $406 million, well above the required minimum availability of $75 million.”
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