Bon-Ton's 1st-quarter loss beats expectations
YORK, Pa. (AP) -- The Bon-Ton Stores Inc. narrowed its fiscal first-quarter loss on fewer markdowns and improved revenue at its chain of department stores.
The quarter's results came in ahead of market expectations and the company reaffirmed its full-year outlook. Bon-Ton owns Elder Beerman, which has more than two dozen stores in West Virginia, Ohio and Kentucky, including Huntington and Ashland.
The company posted a loss of $26.6 million, or $1.41 per share, for the quarter that ended May 4. That is compared with a loss of $40.8 million, or $2.23 per share, in the same quarter last year. Its total revenue increased to $661.9 million from $654.3 million.
Bon-Ton's President and CEO Brendan Hoffman said that the quarter reflected the company's progress on its strategic initiatives.