Home / Knowledge / News / Apparel/Garments / Bon-Ton CEO pleased with 2010 results; excited about 2011
Bon-Ton CEO pleased with 2010 results; excited about 2011
16
Mar '11
The Bon-Ton Stores Inc reported results for the fourth quarter and fiscal 2010 ended January 29, 2011.

Fourth Quarter Highlights:

• Comparable store sales increased 0.8%.
• Gross margin rate was 37.0% of net sales compared with 38.2% in the prior year period.
• Operating income totaled $113.2 million, an increase of $11.8 million, compared with $101.4 million in the fourth quarter of fiscal 2009. Operating income in the fourth quarter of fiscal 2010 and fiscal 2009 included non-cash charges of $1.5 million and $5.4 million, respectively, to reduce the value of long-lived and intangible assets.
• EBITDA was $140.7 million, compared with $135.3 million in the same period of fiscal 2009. EBITDA is defined as earnings before interest, income taxes and depreciation and amortization, including amortization of lease-related interests, and other impairment charges. EBITDA is not a measure recognized under generally accepted accounting principles.
• Net income totaled $85.0 million, or $4.41 per diluted share, compared with net income of $80.3 million, or $4.34 per diluted share, for the fourth quarter of fiscal 2009. In the fourth quarter of fiscal 2010 and fiscal 2009, the Company recorded non-cash impairment charges of $1.5 million and $5.4 million, respectively, related to long-lived and intangible assets, and in the fourth quarter of fiscal 2009, the Company recorded a favorable tax carry-back of $6.3 million.

Fiscal 2010 Highlights:

• Comparable store sales increased 0.9%.
• Gross margin rate was 37.6% of net sales, compared with 37.1% in the prior year.
• Operating income was $135.1 million, an increase of $48.4 million, or 56%, compared with operating income of $86.7 million in the prior year. Operating income included non-cash charges of $1.7 million and $5.9 million in fiscal 2010 and fiscal 2009, respectively, to reduce the value of long-lived and intangible assets.
• EBITDA increased $34.5 million to $243.6 million, compared with $209.1 million in the prior year (see Note 1).
• Net income totaled $21.5 million, or $1.12 per diluted share, compared with a net loss of $4.1 million, or $0.24 per diluted share, in the prior year. The Company recorded non-cash impairment charges of $1.7 million and $5.9 million in fiscal 2010 and fiscal 2009, respectively, related to long-lived and intangible assets, and in fiscal 2009, the Company recorded a favorable tax carry-back of $6.3 million.

Comments

Bud Bergren, President and Chief Executive Officer, commented, “I am pleased to report that, as a result of successful execution of our initiatives throughout the year, we significantly improved our performance and met our financial goals for 2010. I want to extend my thanks and congratulations to the entire Bon-Ton team for their efforts. Our debt decreased by approximately $99 million and our debt to EBITDA ratio improved to 3.8x from 4.9x at the end ofthe prior fiscal year. In addition, the increase in excess borrowing capacity under our credit facility throughout 2010 positioned the Company to pay back our $75 million second lien term loan on January 31, 2011.”


Must ReadView All

Europe fights against microplastic release from textiles

Textiles | On 18th Jan 2018

Europe fights against microplastic release from textiles

The European Commission, the institution of the European Union, has...

Egypt starts building biggest textile city in Al-Sadat

Textiles | On 18th Jan 2018

Egypt starts building biggest textile city in Al-Sadat

Egypt has started construction of the biggest city for textiles and...

Vietnam targets $20 bn from export of footwear, bags

Apparel/Garments | On 18th Jan 2018

Vietnam targets $20 bn from export of footwear, bags

Vietnam targets to earn around $20 billion from the export of...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Tejas N Patel, Navin D Patel

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

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

January 2018

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
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

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
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

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
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

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
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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