The Bon-Ton Stores, Inc. said comparable store sales for the four weeks ended May 3, 2008 decreased 0.9% compared to the prior year period. Total sales for the four weeks decreased 1.3% to $209.2 million compared to $211.9 million for the prior year period.
“April had a good start but a disappointing finish as the retail environment remains challenging and traffic remains inconsistent,” said Tony Buccina, Vice Chairman and President Merchandising, commented. “The best performing categories in April were outerwear, childrens, shoes, cosmetics, better sportswear and special sizes. We are encouraged by the significant improvement from the previous months in key apparel categories, shoes and cosmetics. The weakest performing categories were in home soft, hard and furniture which compared unfavorably to the strong results in April of last year and the recent solid performance. We ended April with our inventory levels down on a comparable store basis with less clearance than the prior year, and in a significantly better inventory position as we enter the second quarter.”
Keith Plowman, Executive Vice President and Chief Financial Officer, stated, “Our excess borrowing capacity under our credit facility was $273.8 million at the end of the first quarter of fiscal 2008, well above the prior year level for the comparable quarter and reflecting the strength of our balance sheet and capital structure.”
