The Bon-Ton Stores, Inc., when reporting its operating results for the second quarter of fiscal 2014 ended August 2, 2014, noted that its comparable store sales in the second quarter of fiscal 2014 increased 1.6% compared with the prior year period.
Adjusted EBITDA in the second quarter of fiscal 2014 was $5.1 million, compared with $8.7 million in the second quarter of fiscal 2013. Net loss in the second quarter of fiscal 2014 was $36.2 million, or $1.86 per diluted share, compared with a net loss of $37.3 million, or $1.95 per diluted share, for the second quarter of fiscal 2013. The second quarter of fiscal 2013 results included $3.9 million of debt extinguishment costs associated with certain of the company’s senior notes.
Brendan Hoffman, president and CEO, commented, “We were pleased that we achieved comparable store sales growth, particularly given the challenging promotional environment and continuation of soft traffic trends. We continued to carefully manage our inventory, ending the quarter approximately flat on a comparable store basis as compared with the prior year period and positioning us well for the fall season.”
Hoffman continued, “We are excited to welcome Kathryn Bufano to the Bon-Ton team as she assumes the role of president and CEO next week. She comes with a wealth of knowledge and experience in the retail industry which we believe will be beneficial as we continue to execute our business strategies for profitable growth. I look forward to working with Kathy during a transition period.”
The Bon-Ton reported that its total sales in the second quarter of fiscal 2014 increased 1.1% to $563.5 million, compared with $557.1 million in the prior year period. Comparable store sales in the second quarter of fiscal 2014 increased 1.6% compared with the prior year period.