The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced comparable store sales in the five weeks ended June 30, 2012 decreased 0.8%. Total sales decreased 1.0% to $238.3 million in the current year compared with $240.8 million in the prior year period.
Year-to-date comparable store sales decreased 0.7%. Year-to-date total sales decreased 0.9% to $1,062.2 million compared with $1,071.8 million in the same period last year.
Brendan Hoffman, President and Chief Executive Officer, commented, “June sales were uneven throughout the month. During the Father’s Day promotional period, customers responded favorably when we strengthened our marketing with emphasis on value, which also improved the ease of our customers’ shopping experience. We were disappointed, however, with sales at the end of the month, which we believe were negatively affected by the timing of the July 4 th holiday and the severe storms in some of our markets. The men's business performed well during the Father's Day period, particularly furnishings, gifts and performance golf sportswear. Other categories that performed well were fine jewelry, cosmetics, hard home, ladies' accessories and shoes. Poor performing areas were ladies’ sportswear, furniture and children's. Our eCommerce business had an excellent month generating a double-digit sales increase. We are effectively reducing our seasonal inventory levels as we transition into back-to-school and fall merchandise assortments.”
Keith Plowman, Executive Vice President and Chief Financial Officer, stated, “Our excess borrowing capacity under our revolving credit facility was approximately $406 million at the end of June. Additionally, in a separate press release this morning, we announced the final results of the Exchange Offer and Consent Solicitation that expired at 12:00 midnight, New York City time, on July 3, 2012. We are extremely pleased to report we received tenders with consents from holders of approximately $330.0 million principal amount of 10 ¼% Senior Notes due 2014, representing approximately 71.1% of the outstanding principal. At settlement, which is anticipated to occur on July 9, 2012, approximately $330.0 million principal amount of new 10⅝% Second Lien Senior Secured Notes due 2017 will be issued.”
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