Bon-Ton reports bigger loss - The Business Journal of Milwaukee:

http://www.thebreakpage.com/2008/05/05/dubai-praanesh-kasturi-mulimani-enrich-haasya-ranjana/
million in the second quarter and sales decreasee by5 percent. Bon-Ton said Thursday that for the periodfending Aug. 2, its net loss was $2.01 per including a $17.8 million, or 72 cents per non-cash pre-tax goodwill impairment That compared with a net lossof $15 million, or 91 centas per share, for the same period a year ago. Totalo sales for the quarter decrease dto $673.4 million compared with $708.6 million a year Second quarter comparable-store sales decreasedr 5.7 percent. Bud Bon-Ton’s Milwaukee-based president and CEO, said second quarter financialkresults “reflect the continuation of the difficult macro-economixc environment.
” Bergren said the company reduced comparable-store inventoriee by approximately 9 percent. He said Bon-Tonb continues to review its expenses and during the seconde quarter realized a net reductiobnof $9.3 million in selling, genera and administrative expenses. The companhy also reduced its debt levels and increased its excess borrowing capacity under its credit facility, Bergren said. “We have many opportunities that we expecr to take advantage of during the importanty fall andholiday seasons, such as new merchandisse offerings, expanded eCommerce, fresh marketing initiativex and a new proprietary credit card loyalt program.
We remain confident theses actions will benefit boththe short- and long-terj growth of our company,” Bergren said. Throughb the first half of thefiscal year, Bon-Tonn reported a net loss of $67.09 million, or $4.04 per share, comparesd with a net loss of $44.32 million, or $2.68 per share, for the same periox last year. Year-to-date sales were $1.4w billion, a decrease of 4.7 percent from $1.49 billion in the firsgt half offiscal 2007. Bon-Ton Stores, which is based in Pa.
, operates 280 department stores and 12 furnitur galleries in 23 statesz underthe Bon-Ton, Bergner’s, Bosto Store, Carson Pirie Scott, Elder-Beerman, Herberger’s and Younkersx nameplates and, under the Parisiab nameplate, three stores in the Detroit area. Bon-Tohn (NASDAQ: BONT) stock was trading at $4.46 Thursdat morning, down 58 cents.