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Bon-Ton Stores Inc presents Q2 results

18
Aug '05

Leading quality fashion department store The Bon-Ton Stores Inc reported results for the second quarter ended July 30, 2005.

Income
For the second quarter of fiscal 2005, the Company reported a net loss of $1.4 million, or $0.09 per share, which includes an after-tax charge of $0.04 per share associated with the sale of its proprietary credit card operations, compared to a net loss of $388,000, or $0.02 per share, in the prior year period, which included an after-tax charge of $0.07 per share for costs associated with the closing of the Company's Pottstown, Pennsylvania store. For the six months ended July 30, 2005, the Company reported a net loss of $5.9 million, or $0.36 per share, versus a net loss of $5.9 million, or $0.38 per share, reported for the comparable period last year.

Sales
As previously announced, for the second quarter of fiscal 2005, total sales decreased 3.5 percent to $274.3 million compared to $284.2 million for the same period last year. Comparable store sales decreased 3.0 percent.

Year-to-date total sales decreased 2.3 percent to $536.9 million compared to $549.3 million for the same period last year. Comparable store sales decreased 1.8 percent.

Gross Margin
In the second quarter, gross margin dollars decreased $5.9 million from the prior year period, primarily due to the lower sales for the current period. The gross margin rate decreased 0.8 percentage point to 36.6 percent of sales as compared to 37.4 percent reported last year, reflecting higher markdowns in the second quarter of fiscal 2005. Year-to-date gross margin dollars decreased $6.2 million. Year-to-date gross margin rate decreased by 0.3 percentage point to 36.4 percent versus 36.7 percent reported in the prior year period.

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