The Bon-Ton Stores Inc. today reported results for its fourth quarter, which included the important holiday shopping season.
The retailer, which has dual headquarters in Milwaukee and York, Pa., operates department stores under several brand names, including Boston Store and Younkers in Wisconsin.
Fiscal fourth quarter net income was $71.7 million, or $3.55 per share, up from $61.3 million, or $3.04 per share, in the fourth quarter of 2013.
Operating income was $87.5 million, up from $76.1 million in the same period a year ago.
Fourth quarter revenue was $942.6 million, up from $914.9 million in the fourth quarter of 2013.
Comparable store sales were up 4 percent in the fourth quarter, driven by higher store and e-commerce sales.
For the full year, Bon-Ton reported a net loss of $7 million, or 36 cents lost per share, compared with a net loss of $3.6 million, or 19 cents lost per share, in 2013.
Full-year operating income was $56.5 million, down from $69.4 million a year ago.
And 2014 revenue totaled $2.8 billion, flat from 2013.
“We were pleased with our sales performance in the fourth quarter in both stores and e-commerce,” said Kathryn Bufano, president and chief executive officer. “However, increased promotional activity in support of our initiative to drive incremental traffic as well as higher delivery expenses associated with our omnichannel operations resulted in a reduced gross margin rate in the fourth quarter. We managed our inventory such that we ended the period in line with our sales trend and well-positioned for spring selling.”
“As we look ahead, we are excited for continued progress on our initiatives. We are focused on building compelling assortments, refocusing our brand, driving our omnichannel business, maximizing operating efficiency and managing our inventory for profitability. To that end, we are looking forward to the opening of our new e-commerce fulfillment center, which we expect will facilitate significant expansion of our shipping capacity with improved operational efficiency and support the fastest growing area of our business. Investments such as this will continue paving the way for sustainable long-term profitable growth.”
