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Bon-Ton announces Q2 fiscal 2008 results
22 Aug '08
4 min read
The gross margin rate for the second quarter of fiscal 2008 decreased 2.2 percentage points to 35.9% of net sales compared with 38.0% in the second quarter of fiscal 2007, primarily reflecting increased markdowns.
Year-to-date gross margin dollars decreased $37.1 million compared with the prior year period. The year-to-date gross margin rate decreased 0.8 percentage point to 34.9% of net sales compared with 35.7% in the prior year period.
Selling, General and Administrative Expenses:
Selling, general and administrative ("SG&A") expenses in the second quarter of fiscal 2008 decreased $9.3 million to $246.4 million compared with $255.7 million in the second quarter of fiscal 2007. The SG&A expense rate for the second quarter of fiscal 2008 was 36.6% compared with 36.1% for the second quarter of fiscal 2007, reflecting the reduced sales volume in the second quarter of fiscal 2008.
Year-to-date SG&A expenses decreased $13.8 million compared with the prior year period. The year-to-date SG&A expense rate increased by 0.9 percentage point to 36.6% compared with 35.7% in the prior year period, reflecting the reduced sales volume in fiscal 2008.
EBITDA:
EBITDA, defined as earnings before interest, income taxes and depreciation and amortization, including amortization of lease-related interests and goodwill impairment charge, decreased $19.5 million in the second quarter of fiscal 2008 to $16.5 million compared with $36.1 million in the second quarter of fiscal 2007.
Year-to-date EBITDA decreased $24.2 million to $21.3 million compared with $45.5 million in the prior year period. EBITDA is not a measure recognized under generally accepted accounting principles.
Depreciation and Amortization / Amortization of Lease-related Interests:
Depreciation and amortization expense, including amortization of lease-related interests, decreased $0.5 million to $31.1 million in the second quarter of fiscal 2008 compared with $31.6 million in the second quarter of fiscal 2007. Year-to-date depreciation and amortization expense, including amortization of lease-related interests, increased $1.6 million to $61.3 million compared with $59.8 million in the prior year period.
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Year-to-date gross margin dollars decreased $37.1 million compared with the prior year period. The year-to-date gross margin rate decreased 0.8 percentage point to 34.9% of net sales compared with 35.7% in the prior year period.
Selling, General and Administrative Expenses:
Selling, general and administrative ("SG&A") expenses in the second quarter of fiscal 2008 decreased $9.3 million to $246.4 million compared with $255.7 million in the second quarter of fiscal 2007. The SG&A expense rate for the second quarter of fiscal 2008 was 36.6% compared with 36.1% for the second quarter of fiscal 2007, reflecting the reduced sales volume in the second quarter of fiscal 2008.
Year-to-date SG&A expenses decreased $13.8 million compared with the prior year period. The year-to-date SG&A expense rate increased by 0.9 percentage point to 36.6% compared with 35.7% in the prior year period, reflecting the reduced sales volume in fiscal 2008.
EBITDA:
EBITDA, defined as earnings before interest, income taxes and depreciation and amortization, including amortization of lease-related interests and goodwill impairment charge, decreased $19.5 million in the second quarter of fiscal 2008 to $16.5 million compared with $36.1 million in the second quarter of fiscal 2007.
Year-to-date EBITDA decreased $24.2 million to $21.3 million compared with $45.5 million in the prior year period. EBITDA is not a measure recognized under generally accepted accounting principles.
Depreciation and Amortization / Amortization of Lease-related Interests:
Depreciation and amortization expense, including amortization of lease-related interests, decreased $0.5 million to $31.1 million in the second quarter of fiscal 2008 compared with $31.6 million in the second quarter of fiscal 2007. Year-to-date depreciation and amortization expense, including amortization of lease-related interests, increased $1.6 million to $61.3 million compared with $59.8 million in the prior year period.
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Bon-Ton Stores Inc
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