Bon-Ton Q4 income beats expectations
YORK, Pa. — The Bon-Ton Stores reported that its net income for the fourth quarter was a better-than-expected $74.4 million, compared with $78.2 million in the year-ago period.
Revenue for the three months ended Feb. 2 increased 3.2% to $1.02 billion, missing the Street’s view of $1.04 billion. Same-store sales increased 1%. (Results for the fourth quarter and fiscal 2012 are impacted by the inclusion of an additional week in each period, resulting in a 14-week and 53-week reporting period.)
“We were pleased with our fourth quarter results and our accomplishments throughout 2012. We sequentially improved the business each quarter through a number of key initiatives, including a better balanced merchandise assortment, more disciplined inventory management, enhanced marketing efforts and upgrades to our e-commerce business,” said Bon-Ton CEO Brendan Hoffman.
Bon-Ton operates 271 department stores, which includes 11 furniture galleries, in 24 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates.