Bon-Ton Stores Shares Fall 4.6% On Earnings Miss (BONT)

Shares of Bon-Ton Stores Inc. BONT are trading down 4.6% at $12.47 per share during the Thursday afternoon trading session. The day's trading range for shares of Bon-Ton Stores Inc has been between $12.16 and $13.20 per share. Analysts covering the company's stock give it a consensus price target of $10 per share. Volume of 190,000 shares is still below the daily average volume of 245,000 shares. Bon-Ton Stores Inc. (BONT) announced on Thursday morning that it missed consensus Wall Street expectations. Bon-Ton Stores Inc announced a 3rd quarter loss per share of 36 cents, on revenue of $716.94 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 21 cents per share, on revenue of $724.4 million. President and chief executive officer Bud Bergren said, “We are reiterating our fiscal 2010 guidance as we were able to deliver quality sales in the third quarter by offering strong assortments and carefully managing our inventory levels, resulting in a 60 basis-point increase in our gross margin rate in the quarter and a 9% reduction in clearance inventory at period end. We believe we are well-positioned for the holiday season and expect to benefit in the fourth quarter from the arrival of more seasonable weather. We are confident we have the right merchandise assortment and a strong marketing program that will effectively convey our quality and value message.” Read more from Benzinga's Company news.