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

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

Courtesy: Tintex

Textiles | On 21st Jun 2018

'Price ratio is key factor for knitted fabrics market'

The price ratio is a key factor for the global knitted fabrics market ...

Interviews View All

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Judy Frater
Somaiya Kala Vidya

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

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search