YORK, Penn., April 8, 1999 (PRIMEZONE) -- The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced sales for the five weeks ended April 3, 1999 increased 1.8% to $58.0 million versus $56.9 million reported for the five weeks ended April 4, 1998. Comparable store sales increased 1.4%.
Year-to-date sales decreased 0.4% to $96.7 million from $97.0 million for the same period last year. Comparable store sales decreased 1.3% in the year-to-date period.
Based on currently available information, the Company expects the loss for the first quarter ending May 1, 1999 to be in the range of $0.19 to $0.21 per share, compared to a loss of $0.10 per share, excluding the gain on sale of a property for the first quarter of last year. These results are below the Company's previous expectations due to the shortfall in sales versus plan during the first two months of the quarter and expenses related to the early extinguishment of debt.
Michael L. Gleim, Vice Chairman and Chief Operating Officer, commented, "Our March sales results reflect a difficult comparison with the 8.6% comparable store sales increase reported last year. Additionally, while sales results for the month benefited from this year's early Easter, our performance was hampered, in part, by snow and unseasonably cool temperatures throughout our region earlier in the period. We were pleased to see our sales trend improve when seasonable weather arrived during the latter part of the month. Solid sales increases were posted in cosmetics, accessories, shoes, children's and the home area, all of which well exceeded Company average for the month."
Fiscal 1999 first quarter results will be released on May 19, 1999.
The Bon-Ton Stores, Inc. operates 65 department stores in secondary markets in Pennsylvania, New York, Maryland, Massachusetts, West Virginia and New Jersey. The stores carry a broad assortment of brand-name fashion apparel and accessories for women, men and children, as well as home furnishings.
Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Such statements include known and unknown risks which may cause the Company's actual results in future periods to differ materially from expected results, including, but not limited to, risks related to retail businesses generally, uncertainties associated with opening new stores or expanding or remodeling existing stores, and dependence on certain geographic markets. Additional factors that could cause the Company's actual results to differ from those contained in forward-looking statements are discussed in greater detail in periodic reports filed by the Company with the Securities and Exchange Commission which the Company urges investors to consider.