Home / Knowledge / News / Apparel/Garments / The Bon-Ton Stores books losses in Q3
The Bon-Ton Stores books losses in Q3
22
Nov '08
For the thirteen-week period ended November 1, 2008, the Company reported a net loss of $14.3 million, or $0.85 per diluted share, including a favorable tax benefit adjustment of $7.0 million, or $0.42 per diluted share, pursuant to the provisions of Financial Accounting Standards Board Interpretation No. 48, compared with a net loss of $19.4 million, or $1.17 per diluted share, for the thirteen-week period ended November 3, 2007.

For the thirty-nine-week period ended November 1, 2008, the Company reported a net loss of $82.2 million, or $4.90 per diluted share, including the second quarter non-cash goodwill impairment charge of $0.71 per diluted share and the favorable tax benefit adjustment in the third quarter of $0.42 per diluted share, compared with a net loss of $63.6 million, or $3.86 per diluted share, for the comparable period last year.

Sales:
For the third quarter of fiscal 2008 ended November 1, 2008, comparable store sales decreased 8.3% compared with the prior year period. Total sales decreased 7.2% to $724.9 million compared with $780.8 million for the prior year period.

Year-to-date comparable store sales decreased 6.3% compared with the prior year period. Year-to-date total sales decreased 5.8% to $2,098.6 million compared with $2,227.0 million for the same period last year.

Other Income:
Other income in the third quarter of fiscal 2008 decreased to $22.7 million compared with $24.8 million in the third quarter of fiscal 2007. Year-to-date other income decreased to $67.0 million compared with $69.9 million in the prior year period. The decrease in the third quarter and year-to-date fiscal 2008 amounts primarily reflects the reduced sales volume.

Gross Margin:
In the third quarter of fiscal 2008, gross margin dollars decreased $13.9 million compared with the third quarter of fiscal 2007, reflecting the current year decrease in sales volume. The gross margin rate for the third quarter of fiscal 2008 increased by 0.8 percentage point to 35.6% of net sales compared with 34.8% in the third quarter of fiscal 2007, primarily due to decreased markdowns on lower levels of inventory and improved inventory aging as well as reduced distribution costs.

Year-to-date gross margin dollars decreased $51.0 million compared with the prior year period, reflecting the current year decrease in sales volume and margin rate. The year-to-date gross margin rate decreased 0.3 percentage point to 35.1% of net sales compared with 35.4% in the prior year period, reflecting an increased net markdown rate.

Selling, General and Administrative Expenses:
Selling, general and administrative ("SG&A") expenses in the third quarter of fiscal 2008 decreased $3.5 million to $261.9 million compared with $265.4 million in the third quarter of fiscal 2007. The SG&A expense rate for the third quarter of fiscal 2008 was 36.1% compared with 34.0% for the third quarter of fiscal 2007, reflecting the reduced sales volume.


Must ReadView All

Coats acquires yarn manufacturer Patrick Yarn Mill

Textiles | On 12th Dec 2017

Coats acquires yarn manufacturer Patrick Yarn Mill

Coats, the world’s leading industrial thread manufacturer, has...

India’s garment imports from Bangladesh up 56% post-GST

Apparel/Garments | On 12th Dec 2017

India’s garment imports from Bangladesh up 56% post-GST

India has imported $87.4 million worth of readymade garments from...

Courtesy: Badger Sportswear

Apparel/Garments | On 12th Dec 2017

Badger Sportswear acquires Alleson Athletic

Badger Sportswear, a leading manufacturer of athletic apparel and...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search