US: Bon-Ton Stores widens Q3 loss
- Q3 net loss widens to $22.0m from $6.3m
- Sales dropped 6.3% to $656.1m from $700.5m
- Comparable store sales decreased 5.9%
Regional department store retailer The Bon-Ton Stores Inc has more than tripled its third quarter loss as poor demand and price hikes took their toll on sales.
"Our third quarter performance did not meet our expectations," said president and CEO Bud Bergren.
"Performance in our moderate traditional assortments was soft and customers were not accepting of price increases in these categories, which further pressured sales results. Additionally, our marketing efforts did not drive the sales we had anticipated."
Looking ahead, he said the retailer has "significantly expanded" its stronger selling categories, and is "planning more aggressive promotional events to drive traffic and transactions."
He added: "We believe our inventory is now priced appropriately and well-positioned heading into the holiday season and the changes we have instituted in merchandising and marketing will yield improved results in the fourth quarter."
Gross margin rate in the quarter fell to 37.4% of net sales compared with 38.2% in the prior year period, reflecting higher markdowns.
Help test our new apparel sourcing tool.
The following is a general roundup of US apparel and shoe retailers' April 2012 sales results....
The following is a general roundup of US apparel and shoe retailers' March 2012 sales results....
The following is a general roundup of US apparel and shoe retailers' February 2012 sales results....
Department store retailer The Bon-Ton Stores Inc is searching for a new chief merchandising officer ahead of the retirement of Tony Buccina in February next year....
- Digitalisation and data to disrupt supply chains
- EU eyes mandatory due diligence for apparel supply
- Unlocks for the future fashion sourcing landscape
- What TTIP might mean for US, EU textiles & apparel
- Geo-political uncertainty and how to survive it
- Li & Fung forms supply chain partnership with PVH
- US Q4 in brief – Finish Line, Oxford Industries
- Big data to help US firms improve clothing fit
- Levi Strauss and ILO probe Cambodia factory death
- Sustainable fashion app to help shopping decisions
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing