The Bon-Ton Stores, Inc. announced comparable store sales decreased 9.9% for the four weeks ended May 31. Total sales fell 8.7% to $214.3 million compared to $234.7 million.
Tony Buccina, vice chairman and president merchandising, commented, “May sales were disappointing as weak trends from the end of April carried into May, reflecting reduced traffic levels as the primary issue, combined with unseasonably cool weather during the month. Our best performing businesses were ladies spring outerwear, childrens and cosmetics. Seasonal categories were challenged throughout ladies ready to wear, mens, shoes, accessories, and intimate apparel. We will continue to manage inventory levels conservatively. Inventories at the end of the month were down on a comparable store basis.”
Keith Plowman, executive vice president and chief financial officer, stated, “Our excess borrowing capacity under our credit facility was approximately $293 million at the end of May 2008, remaining above the level for the comparable prior year period.”
The Bon-Ton Stores, Inc. operates 280 stores, including eleven furniture galleries, in 23 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergners, Boston Store, Carson Pirie Scott, Elder-Beerman, Herbergers and Younkers nameplates and, under the Parisian nameplate, three stores in the Detroit, Michigan area.
