- Comparable store sales increased 0.1%.
- Gross margin rate was 36.0% compared with 37.2% in the second quarter of fiscal 2011.
- Operating loss, which includes a $4.0 million charge for severance and other one-time costs related to targeted reductions to the Company’s cost structure, totaled $17.6 million, compared with an operating loss of $11.8 million in the second quarter of fiscal 2011.
- EBITDA, inclusive of the aforementioned $4.0 million of severance and other one-time costs, was $7.1 million, compared with $15.6 million in the second quarter of fiscal 2011. EBITDA is not a measure recognized under generally accepted accounting principles (see Note 1).
- Net loss totaled $45.0 million, or $2.43 per diluted share, compared with a net loss of $32.3 million, or $1.78 per diluted share, for the second quarter of fiscal 2011. The results for the second quarter of fiscal 2012 include a pre-tax charge of $6.3 million, or $0.34 per diluted share, for fees associated with the recently completed exchange of $330 million of the Company’s 10¼% Senior Notes due 2014 for new 10⅝% Second Lien Senior Secured Notes due 2017 and a pre-tax charge of $4.0 million, or $0.21 per diluted share, for the aforementioned severance and other one-time costs.
The Bon-Ton Stores, Inc. Announces Second Quarter Fiscal 2012 Results
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