The Bon-Ton Stores, Inc. (BONT) Misses Q2 EPS by 37c, Sales Light
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Price: $0.60 --0%
Financial Fact:
Selling, general and administrative: 213.82M
Today's EPS Names:
OFLX, VAXX, NMRD, More
Financial Fact:
Selling, general and administrative: 213.82M
Today's EPS Names:
OFLX, VAXX, NMRD, More
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The Bon-Ton Stores, Inc. (NASDAQ: BONT) reported Q2 EPS of ($1.75), $0.37 worse than the analyst estimate of ($1.38). Revenue for the quarter came in at $557.1 million versus the consensus estimate of $616.82 million. Comparable store sales for the second quarter of fiscal 2013 decreased 6.4%.
Brendan Hoffman, President and Chief Executive Officer, commented, "We were disappointed in our second quarter sales performance, but we were pleased we were able to deliver on several of our goals, including a 100 basis point increase in the gross margin rate and reduced expenses, which led to 23% growth in Adjusted EBITDA. We believe overall sales weakness was in part attributable to the adverse impact of inclement weather in our markets and higher gas prices, especially in the Northeast and Midwest, which contributed to an unfavorable shift in consumer spending patterns. Looking ahead, we remain focused on the continued execution of our key merchandising, marketing and eCommerce strategies, including the localization of our merchandise assortments and marketing programs to drive top-line growth, while maintaining disciplined inventory management and careful cost controls."
The firm is revising fiscal 2013 guidance for Adjusted EBITDA in a range of $170 million to $190 million, for earnings per diluted share in a range of $0.15 to $0.75 (consensus is $0.90) and for cash flow in a range of $10 million to $30 million.
For earnings history and earnings-related data on The Bon-Ton Stores, Inc. (BONT) click here.
Brendan Hoffman, President and Chief Executive Officer, commented, "We were disappointed in our second quarter sales performance, but we were pleased we were able to deliver on several of our goals, including a 100 basis point increase in the gross margin rate and reduced expenses, which led to 23% growth in Adjusted EBITDA. We believe overall sales weakness was in part attributable to the adverse impact of inclement weather in our markets and higher gas prices, especially in the Northeast and Midwest, which contributed to an unfavorable shift in consumer spending patterns. Looking ahead, we remain focused on the continued execution of our key merchandising, marketing and eCommerce strategies, including the localization of our merchandise assortments and marketing programs to drive top-line growth, while maintaining disciplined inventory management and careful cost controls."
The firm is revising fiscal 2013 guidance for Adjusted EBITDA in a range of $170 million to $190 million, for earnings per diluted share in a range of $0.15 to $0.75 (consensus is $0.90) and for cash flow in a range of $10 million to $30 million.
For earnings history and earnings-related data on The Bon-Ton Stores, Inc. (BONT) click here.
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