Bon-Ton and Elder-Beerman Combined April Comps Fall 8.3%

The Bon-Ton Stores total sales for the four weeks ended May 1, 2004, increased 75.9% to $83.5 million, including $37.7 million from the acquired Elder-Beerman stores, compared to $47.5 million for the same period last year. Bon-Ton comparable store sales decreased 4.2%.

For the first quarter of fiscal 2004, total sales increased 87.9% to $265.1 million, including $125.7 million from the acquired Elder-Beerman stores, compared to $141.1 million for the same period last year. Bon-Ton comparable store sales decreased 2.0%.

Elder-Beerman sales are not included in the Company's reported comparable store sales, therefore the following comparable store sales are provided for informational purposes only. Elder-Beerman comparable store sales for the four weeks ended May 1, 2004 decreased 12.9% and for the thirteen weeks ended May 1, 2004, comparable store sales decreased 2.9%. For Elder-Beerman and Bon-Ton combined, comparable store sales for the four weeks ended May 1, 2004, decreased 8.3% and comparable store sales for the thirteen weeks ended May 1, 2004 decreased 2.4%.

James H. Baireuther, Vice Chairman and Chief Administrative Officer, commented, “Obviously, we are disappointed with April sales. The decrease in Bon-Ton's comparable store sales was, in part, due to a shift in the promotional calendar from April last year into May this year. We are pleased that certain key product categories performed well including cosmetics, intimate, accessories and shoes.”

Mr. Baireuther continued, “For the Elder-Beerman stores, the significant decrease in April sales reflects the complexity of the integration process. We did not properly anticipate the challenges associated with consolidating the merchandising and marketing activities and are taking aggressive action to address this issue.”

Mr. Baireuther concluded, “In spite of disappointing April sales, given our combined company sales performance for the entire quarter, we are still comfortable with our previous earnings guidance of $1.20 to $1.40 per share for fiscal 2004. The synergistic opportunities for the combined company remain significant and will continue to increase shareholder value over the next two years. Over the longer term, we believe our business model of providing fashion-right, quality merchandise at competitive prices is the appropriate strategy for our targeted markets.”