Bon-Ton Stores Inc. (BONT)

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The Bon-Ton Stores, Inc. (BONT) today reported operating results for the first quarter of fiscal 2014 ended May 3, 2014 and reaffirmed its earnings guidance for fiscal 2014. Total sales and comparable store sales decreased 6.1% and 5.8%, respectively, in the quarter. Adjusted EBITDA (not a measure recognized under generally accepted accounting principles (see Note 1)) was $7.1 million, compared with $15.2 million in the first quarter of fiscal 2013. Net loss in the first quarter was $31.5 million, or $1.63 per diluted share, compared with a net loss of $26.6 million, or $1.41 per diluted share, for the first quarter of fiscal 2013.

Comments

Brendan Hoffman, President and Chief Executive Officer, commented, “We forecasted our first quarter sales to reflect weather challenges, but the prolonged adverse conditions resulted in a financial performance below our expectations. We saw an improvement in sales performance mid-April as the weather became more seasonal and traffic trends improved dramatically. Despite our shortfall in sales, we were able to achieve a higher gross margin rate, control expenses and effectively manage our inventory such that we ended the quarter with retail inventory levels 1.7% below that of the prior year on a comparable store basis.”

Mr. Hoffman continued, “We have seen recent improvement in sales performance and favorable response to our merchandise offerings and marketing programs. In addition, the roll-out of our localization strategies designed to drive store productivity remains on track. Overall, we believe that the strategies we have in place will yield improved results as we move through the year and, with that, we are maintaining our full year guidance.”

Net Sales

Total sales in the first quarter of fiscal 2014 decreased 6.1% to $607.5 million, compared with $646.9 million in the prior year period. Comparable store sales in the first quarter of fiscal 2014 decreased 5.8% compared with the prior year period.

Other Income

Other income in the first quarter of fiscal 2014 was $15.1 million, compared with $15.0 million in the first quarter of fiscal 2013.

Gross Margin

In the first quarter of fiscal 2014, gross margin decreased $11.0 million to $214.4 million, compared with $225.3 million in the first quarter of fiscal 2013. The gross margin rate for the first quarter of fiscal 2014 increased to 35.3% of net sales from 34.8% of net sales in the prior year, primarily the result of increased cumulative markup.

Selling, General and Administrative (“SG&A”) Expense

SG&A expense decreased $2.8 million to $222.3 million in the first quarter of fiscal 2014, compared with $225.1 million in the first quarter of fiscal 2013. The expense reduction is primarily due to decreased performance incentives and a gain on the sale of the Company’s remaining Rochester, New York store, partially offset by expenditures incurred to support the Company’s expense efficiency initiative and increased advertising expense. As a result of the reduced sales in the period, the SG&A expense rate for the first quarter of fiscal 2014 increased to 36.6% of net sales, compared with 34.8% of net sales in the first quarter of fiscal 2013.

Depreciation and Amortization / Amortization of Lease-related Interests

Depreciation and amortization expense, including amortization of lease-related interests, was $22.7 million in the first quarter of fiscal 2014, compared with $22.3 million in the first quarter of fiscal 2013.

Interest Expense, Net

In the first quarter of fiscal 2014, interest expense, net, decreased $3.4 million to $15.3 million, compared with $18.7 million in the prior year period, due to reduced interest rates, debt levels and amortization of deferred fees.

Loss on Extinguishment of Debt

In the first quarter of fiscal 2014, the Company recorded a $0.2 million loss on extinguishment of debt related to the prepayment of mortgage debt associated with the sale of the Company’s remaining Rochester, New York store. In the first quarter of fiscal 2013, the Company recorded a $0.4 million loss on extinguishment of debt due to accelerated amortization of deferred fees in conjunction with the $65.0 million redemption of the Company’s 2014 Senior Notes.

Income Tax Provision

An income tax provision of $0.4 million was recorded in the first quarter of fiscal 2014, compared with $0.5 million recorded in the first quarter of fiscal 2013.

Guidance

Keith Plowman, Executive Vice President and Chief Financial Officer, stated, “We are reaffirming our fiscal 2014 guidance for Adjusted EBITDA in a range of $170 million to $180 million, for income per diluted share in a range of $0.40 to $0.70 and for cash flow (see Note 2) in a range of $20 million to $30 million. Additionally, our excess borrowing capacity under our revolving credit facility was $439.0 million at the end of the first quarter of fiscal 2014.”

Bon-Ton Stores, Inc. Reports First Quarter Fiscal 216 Results - Yahoo Finance

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YORK, Pa., May 19, 2016 (GLOBE NEWSWIRE) -- The Bon-Ton Stores, Inc. (NASDAQ:BONT) today reported operating results for its fiscal first quarter ended April 30, 2016, and revised its earnings guidance for the full year fiscal 2016. For the first quarter, comparable store sales decreased 2.9% as compared with the prior year period. Adjusted EBITDA was $1.3 million in the first quarter of fiscal 2016, compared with $4.1 million in the first quarter of fiscal 2015. (Adjusted EBITDA is not a measure recognized under generally accepted accounting principles—see the financial tables accompanying this release.) Net loss in the first quarter of fiscal 2016 was $37.8 million, or $1.91 per diluted share, compared with net loss of $34.1 million, or $1.74 per diluted share, in the first quarter of fiscal 2015.


Comments

Kathryn Bufano, President and Chief Executive Officer, commented, "Ongoing headwinds in the retail environment, unfavorable weather, and a soft Easter all pressured our top line performance during the quarter. We saw only a slight decrease in merchandise margin and reduced inventory levels by 4.0% on a comparable store basis despite the sales pressure, as we maintained disciplined inventory management. In addition, we moved forward with our cost savings initiatives while continuing to carefully manage expenses. That said, based on our first quarter performance as well as current trends in the second quarter to-date and our expectation that the retail environment will remain difficult, we believe that it is prudent to reduce our full year guidance. We remain focused on the controllables which we believe will drive incremental sales in the back half of the year including further enhancing both our brand and our merchandise assortments, elevating the communication of our value proposition to both new and existing customers, and once again driving double-digit growth in our omnichannel sales. Longer term, we continue to believe that as we make progress against our seven pillars of execution, we will be poised to drive improved and consistent sales and profitability."

First Quarter Summary

Comparable store sales in the first quarter of fiscal 2016 decreased 2.9%. Total sales in the period decreased 3.3% to $591.0 million, compared with $610.9 million in the first quarter of fiscal 2015. Sales increases were achieved in Home, Young Men's, Big and Tall and Young Contemporary, while Woman's Accessories was the poorest performing category. Sales were also impacted by general weakness in apparel and shoes.

The Company once again achieved double-digit sales growth in omnichannel, which reflects sales via the Company's website and Let Us Find It initiative, as the Company successfully leveraged its new West Jefferson facility and expanded store-fulfillment network.

Other income in the first quarter of fiscal 2016 was $17.4 million, an increase of $1.1 million over the comparable prior year period. The increase was largely the result of higher revenues associated with the Company's proprietary credit card operations. Proprietary credit card sales, as a percentage of total sales, increased 400 basis points to 54.9% in the first quarter of fiscal 2016.

The gross margin rate in the first quarter of fiscal 2016 increased six basis points as compared with the first quarter of fiscal 2015 to 33.9% of net sales, as reductions in delivery expense were partially offset by higher distribution center costs for omni-channel operations. Gross profit decreased $6.4 million to $200.1 million in the first quarter of fiscal 2016, primarily as a result of decreased sales volume.

Selling, general and administrative ("SG&A") expense in the first quarter of fiscal 2016 decreased $2.5 million compared to the first quarter of fiscal 2015, largely due to decreased store expenses, partially offset by increased advertising and higher-than-expected medical claims. The SG&A expense rate in the first quarter of 2016 was 36.6% of net sales, an increase of 78 basis points over the prior year, primarily as a result of the decreased sales volume in the period.

The Company's excess borrowing capacity under its revolving credit facility was approximately $244 million at the end of the first quarter of fiscal 2016.

Guidance

For fiscal 2016, the Company now expects Adjusted EBITDA in a range of $130 million to $140 million. Loss per diluted share is expected to be in a range of $0.95 to $1.45 and cash flow in a range of $28 million to $38 million. (As used in this release, Adjusted EBITDA and cash flow are not measures recognized under GAAP - see the accompanying financial tables which reconcile these non-GAAP measures to net loss.)


http://investors.bonton.com/releasedetail.cfm?ReleaseID=971818

 

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Bon-Ton Stores Becomes Latest Retailer to March Into Bankruptcy Protection

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