The Bon-Ton Stores, Inc. had comparable store sales for the four weeks ended Feb. 28, 2009 decrease 8.5% compared with the prior year period. Total sales for the four weeks decreased 7.8% to $200.2 million compared with $217.0 million for the prior year period.
“February sales results were in line with our expectations, reflecting the current economic environment and the 11% reduction in clearance merchandise available in our stores,” said Vice Chairman and President – Merchandising Tony Buccina. “Valentines Day promotions and eCommerce business were very successful during the month, which resulted in our best performing businesses of ladies moderate sportswear, cosmetics, soft home, intimate apparel and accessories. Our weakest performing businesses were furniture, ladies better sportswear and juniors. While we are excited about our great assortment of new spring merchandise, we remain focused on closely managing our inventory levels. We ended the month with comparable store inventories down 14% from the prior year.”
Keith Plowman, Executive Vice President and Chief Financial Officer, stated, “We ended February with excess borrowing capacity under our revolving credit facility of $197 million, well above the required minimum availability of $75 million.”
