The Bon-Ton Stores, Inc. (NASDAQ: BONT)
today announced comparable store sales in the four weeks ended October 27, 2012 increased 3.7%. Total sales increased 3.7% to $199.1 million in the current year compared with $192.0 million in the prior year period.
For the third quarter of fiscal 2012, comparable stores sales increased 1.9%. Total sales for the thirteen weeks ended October 27, 2012 increased 1.9% to $668.7 million compared with $656.1 million for the prior year period.
Year-to-date comparable store sales increased 0.3%. Year-to-date total sales increased 0.2% to $1,904.4 million compared with $1,901.4 million in the same period last year.
Brendan Hoffman, President and Chief Executive Officer, commented, “We are pleased with our October comparable store sales performance. Ladies’ and men’s outerwear, dresses and shoes posted strong double-digit gains. Men’s sportswear and furnishings, cosmetics, accessories and ladies’ and special sizes sportswear outperformed the Company average. Home, furniture and intimate apparel were the weakest performing categories. Ecommerce continued to post double-digit gains. Our inventories are well managed, allowing us to take action on purchasing opportunities as they become available.”
Mr. Hoffman added, “Last week, I had the pleasure of attending the grand opening of our Herberger’s Pocatello, Idaho store. Customers responded very favorably to our merchandise assortment and “Customer First” shopping experience. We are excited about our expansion into a new state and believe the addition of Herberger’s in the Pine Ridge Mall will enhance the total shopping experience for consumers in this market.”
Keith Plowman, Executive Vice President and Chief Financial Officer, stated, “Our excess borrowing capacity under our revolving credit facility was approximately $400 million at the end of October. Additionally, as noted in our Form 8-K filed with the SEC yesterday, the Company has entered into a First Amendment to the Second Amended and Restated Loan and Security Agreement effective October 25, 2012. For details, please reference the Form 8-K, which is available on the investor relations section of the Company’s website.”