- Comparable store sales decreased 1.3%.
- Gross margin rate was 34.3% of net sales compared with 35.5% in the first quarter of fiscal 2011.
- Operating loss totaled $18.5 million, compared with an operating loss of $2.5 million in the first quarter of fiscal 2011.
- EBITDA was $4.8 million, compared with $23.2 million in the first quarter of fiscal 2011. EBITDA is not a measure recognized under generally accepted accounting principles (see Note 1).
- Net loss totaled $40.8 million, or $2.23 per diluted share, compared with a net loss of $36.0 million, or $2.01 per diluted share, for the first quarter of fiscal 2011. The first quarter of fiscal 2012 includes a net gain of $1.9 million, or $0.10 per diluted share, related to the Company’s sale of certain Rochester, NY locations and subsequent prepayment penalty on the extinguishment of its related mortgage debt. The first quarter of fiscal 2012 also reflects a charge of $2.8 million, or $0.15 per diluted share, for severance costs related to targeted reductions to the Company’s cost structure. The first quarter of fiscal 2011 includes a charge of $9.5 million, or $0.53 per diluted share, associated with the voluntary prepayment of the Company’s second lien term loan and the refinancing of its revolving credit facility.
The Bon-Ton Stores, Inc. (NASDAQ: BONT) today reported results for the first quarter of fiscal 2012 ended April 28, 2012. First Quarter Highlights