Bon-Ton reaffirms earnings guidance for Q1 fiscal 2007
25 May '07
2 min read
The Bon-Ton Stores Inc reported results for the first quarter of fiscal 2007 ended May 5, 2007.
For the first quarter of fiscal 2007, the Company reported a net loss of $29.3 million, or $1.78 per diluted share, compared to a net loss of $10.8 million, or $0.66 per diluted share, for the first quarter of fiscal 2006.
Bud Bergren, President and Chief Executive Officer, commented, “Our first quarter 2007 results included the first five weeks of Carson's operations compared to the first quarter 2006 results which did not include this five-week period. This is historically a clearance-driven period with low margins."
We were comfortable with our performance in the first two months of the quarter and then the coldest April in ten years hit, which had a substantial adverse impact on our sales results and put pressure on our margin dollars.
"We are encouraged by the strong performance in several key merchandise categories in the first quarter including better sportswear, children's, intimate apparel and shoes, and by the overall sales trends that improved once the weather became more seasonal. Customers have been responding positively to our assortments. We will continue to manage our inventories and control expenses to plan.”
Mr. Bergren continued, “I would like to reiterate what we said a year ago – the integration of the Carson's and Bon-Ton is a two-year process; we will not have a 'normalized' year until 2008. We are still on track with the integration process. We believe we have the right initiatives in place and remain intently focused on driving sales and profit for our Company.”
marketing@alchempro.com
