US: Bon-Ton Q3 losses narrow on sales growth
- Q3 net losses narrowed to $10.1m
- Sales up 1.9% to $668.7m
- Gross margin down to 36.6%
US department store operator Bon-Ton Stores has seen its third-quarter net losses narrow after efforts to improve merchandise helped lift sales.
Net loss narrowed to US$10.1m during the 13 weeks to 27 October, compared to $22m last year. Operating income increased to $10.8m against $500,000 profit the prior year.
Sales climbed 1.9% to $668.7m, while comparable store sales also edged up 1.9%. But gross margin reached 36.6% compared to 37.4% the same period last year due to higher markdowns and delivery expenses.
President and CEO Brendan Hoffman said: "We believe that our third quarter results reflect progress made as a result of initiatives we have been implementing throughout the year, including a better-balanced merchandise assortment, refined marketing efforts, our 'Customer First' shopping experience, and expense management."
Department store operator Bon-Ton Stores has reported lower fourth quarter profits and a wider full-year loss after it was hit by a number of one-off costs....
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