The Bon-Ton Stores Inc. slightly reduced its loss in the second quarter to $32.3 million, or $1.78 per diluted share, compared with $33.7 million, or $1.91 per diluted share. Sales reached $595.5 million, versus $608.6 million during the year-ago period.
Comps slid 1.5 percent in the quarter.
Bud Bergen, president and chief executive officer, said lower selling expenses and a tax benefit helped narrow the quarterly loss compared to the same period in fiscal 2010.
“We recognized our comparable-store sales and gross margin did not perform to the desired levels,” Bergen said in a statement. “We made adjustments to our merchandise assortment that we believe will yield improved performance in the second half of the year.”
For the first six months, the company lost $68.3 or $3.79 per diluted share, versus $57.3 million, or $3.24 per diluted share, lost a year ago. Total sales slipped 1.9 percent to $1.2 billion, compared with $1.3 billion during the first six months of last year, the company said.
The company expects to earn between 70 cents and $1 per diluted share this year. Comparable store sales should end fiscal 2011 flat or with an increase of up to 1 percent.
