Bon-Ton Stores Loss Widens, Misses Estimates (BONT)

Bon-Ton Stores Inc. BONT on Thursday morning released financial results that missed Wall Street expectations. Bon-Ton Stores Inc reported that its 3rd quarter net loss widened to $6.3 million, or 36 cents per share, from a net loss of $4.2 million, or 24 cents per share, a year earlier. The company's revenue fell to $716.94 million, down from $722.61 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected 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.” Bon-Ton Stores Inc. (BONT) ended the previous trading session at $13.07 per share. Analysts covering the company's stock have a consensus price target of $10 per share. Read more from Benzinga's Company news.