Bon-Ton net income turnaround in fiscal 2010

HTT Staff -- Home Textiles Today, 3/9/2011 11:59:18 AM

York, Pa. - Home was among the lead performing categories for The Bon-Ton Stores Inc. in its fourth quarter and fiscal 2010, when the regional department store chain said it "significantly improved" its performance and met its goals with modest gains in sales and comps and more robust increases in net income.

For the 13-week fourth quarter, ended January 29, net income grew 5.9% to $85.0 million, or $4.41 per diluted share, versus the $80.3 million, or $4.34 per diluted share, net income in the same year-ago period.

Sales rose 0.8% to $1.0 billion, and comps grew 0.8% for the quarter.

Fiscal 2010 results included a net income turnaround to $21.5 million, or $1.12 per share, compared with a net loss of $4.1 million, or 24 cents per share, in the prior fiscal year.

Sales increased 0.7% to $2.98 billion, and comps rose by 0.9%.

Encouraged by the results, president and ceo Bud Bergren said the company sees "many opportunities for top-line growth and increased profitability by tailoring our merchandise assortments to our markets, furthering private brand development and growing e-commerce, as well as optimizing advertising through emerging media channels. All our initiatives underscore our goal of being the provider of fashion and quality at great value."