Bon-Ton (BONT) December Comps Fall 0.7%; Lowers FY11 Outlook
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The Bon-Ton Stores, Inc. (Nasdaq: BONT) reports total sales for the month of December were $505.2 million, down 1.1 percent from the same period last year. Same-store sales fell 0.7 percent.
Based on a lower than expected gross margin rate in December, Bon-Ton is reducing its gross margin assumptions by an additional 65 to 80 basis points for the year.
Therefore, including the gain of approximately $11 million, or $0.60 per share, on the recently announced senior note repurchase, Bon-Ton is adjusting its full-year fiscal 2011 guidance to reflect EBITDA in a range of $170 million to $175 million, loss per share in a range of $1.30 to $1.00 and cash flow in a range of $5 million to $10 million. The Street sees a loss of $0.71 per share.
Based on a lower than expected gross margin rate in December, Bon-Ton is reducing its gross margin assumptions by an additional 65 to 80 basis points for the year.
Therefore, including the gain of approximately $11 million, or $0.60 per share, on the recently announced senior note repurchase, Bon-Ton is adjusting its full-year fiscal 2011 guidance to reflect EBITDA in a range of $170 million to $175 million, loss per share in a range of $1.30 to $1.00 and cash flow in a range of $5 million to $10 million. The Street sees a loss of $0.71 per share.
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