Bon-Ton Stores misses by $1.07, misses on revs; lowers FY16 guidance :
- Reports Q3 (Oct) loss of $1.72 per share, $1.07 worse than the Capital IQ Consensus of ($0.65); revenues fell 3.0% year/year to $623.4 mln vs the $654.18 mln Capital IQ Consensus.
- Comparable store sales decreased 2.6% in the third quarter as compared with the prior year period.
- Gross margin rate decreased 286 basis points as compared with last year to 33.4% of net sales in the current year period.
- Co issues downside guidance for FY16, sees EPS of ($2.15-2.65) from ($0.40)-(0.90) vs. ($0.69) two analyst estimate. A comparable store sales performance ranging from a decrease of 0.5% to 1.5% from +1-1.5%; a gross margin rate ranging from a decrease of 70 to 80 basis points from the fiscal 2014 rate of 35.7% from -10 to -30 bps.
- The Company completed a $75 million accordion exercise on August 28 and, subsequent to the third quarter of fiscal 2015, completed a second transaction of $80 million that cumulatively expanded its borrowing capabilities under its revolving credit facility by $155 million, bringing total revolving commitments to $830 million.
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