NEW YORK — The Bon-Ton Stores Inc. on Thursday posted fourth-quarter and full-year results that beat year-ago numbers as the retailer fully integrated recent acquisitions.
For the three months ended Feb. 3, net income soared 131.6 percent to $88.4 million, or $5.20 a diluted share, from $38.2 million, or $2.30, in the same year-ago quarter. The current reporting period is 14 weeks long versus 13 weeks a year ago. Results also include a nonrecurring state tax benefit of $4.1 million.
Total revenue for the quarter was $1.29 billion versus $478.9 million last year, which included sales of $1.25 billion compared with $464.6 million a year ago. Sales include an $805.7 million contribution from the Carson Pirie Scott and Parisian businesses Bon-Ton acquired from Saks Inc. and Belk Inc., respectively. Bon-Ton same-store sales declined by 5.6 percent in the period.
For the year, net income rose to $46.9 million, or $2.78 a diluted share, compared with $26 million, or $1.57, in 2005. Total revenues were $3.46 billion compared with $1.31 billion last year, which included sales of $3.36 billion versus $1.29 billion in 2005.
Bud Bergren, president and chief executive officer, said in a statement that the company completed phases one and two of its systems integration and ended the transition services agreement with Saks as scheduled, in addition to rolling out common merchandise assortment across all locations and completing the integration of Parisian store locations from Belk.
“Our accomplishments in 2006 position us well to achieve our 2007 goals,” Bergren said.
This story first appeared in the March 16, 2007 issue of WWD. Subscribe Today.