The Bon-Ton Stores, Inc.NASDAQ
Mon, Oct. 17, 1:02 PM
- Investors appear to be a little edgy about the chain store sector with the earnings season just starting to ramp up.
- Dillard's (DDS -4.3%) and Bon-Ton Stores (BONT -5%) are down significantly, while Kohl's (KSS -1.3%), Big Lots (BIG -0.7%), Fred's (FRED -1.6%), Target (TGT -1.2%), Five Below (FIVE -2.6%), Pier 1 Imports (PIR -5.3%), and Barnes & Noble Education (BNED -2.4%) are all tracking below broad market averages.
- There isn't a lot of consensus about what's been holding back U.S. consumers. Today, higher gas prices is being floated around as a factor, while last week it was election anxiety.
- 12-month chart of gas prices in the U.S. via GasBuddy.
- Previously: Retail sales track higher as expected (Oct. 14)
- Previously: Winners and losers from the retail sales report (Oct. 14)
- ETFs: XLY, XRT, VCR, RTH, RETL, FXD, FDIS, RCD, PMR, CNDF, FTXD, JHMC.
Fri, Sep. 30, 9:25 AM
- The Bon-Ton Stores (NASDAQ:BONT) announced redemption of its outstanding 10 5/8% Second Lien Senior Secured Notes due 2017 on November, 29 at 100% of the principal amount plus accrued and unpaid interest approximately $21.84 per $1,000 of principal amount. The aggregate principal amount outstanding of the Notes is approximately $57M.
- Nancy A. Walsh, Executive Vice President and Chief Financial Officer, commented, “I am pleased that the company is repaying the 2017 Senior Notes well in advance of the July 2017 maturity date. The redemption meets our objective of reducing short-term debt and improving our capital structure.”
- Press Release
Wed, Sep. 28, 10:42 AM
Thu, Aug. 18, 10:27 AM
- The Bon-Ton Stores (BONT -3.7%) reports comparable-store sales declined 2% in Q2.
- Proprietary credit card sales rate increased 390 bps to 57.1%.
- The company saw sales growth in Activewear, Big & Tall, Denim, Young Men’s, Young Contemporary Plus, Women’s Better Handbags, Hard Home and Furniture.
- Gross margin rate squeezed 30 bps to 36.5%.
- SG&A expense rate leveraged 40 bps to 38.2%.
- Adjusted EBITDA fell 57% to $2.47M.
- Merchandise inventories -6% to $693.81M.
- Store count -3 Y/Y to 267.
- The company ended the quarter with excess borrowing capacity of $225M under its revolving credit facility.
- FY2016 Guidance: Adjusted EBITDA: $130M to $140M; Net loss: $29M to $19M; Diluted EPS: -$0.95 to -$1.45.
Thu, Aug. 18, 6:32 AM
Wed, Aug. 17, 5:30 PM
Thu, Aug. 11, 11:21 AM
- Macy's (M +15.5%) CEO Terry Lundgren delivered some very direct analysis on the overcapacity of physical department stores in the U.S. during his round of media appearances today following the company's store-closing announcement.
- "In the U.S. there's 7.3 square feet per human being of retail space. That's just ridiculous when you consider in U.K. it's 1.3 in France it's 1.7 in Japan its 1.7." noted Lundgren.
- "We have 5.5 times the number of retail physical locations in America per capita than any country in the world and so there has to be a rationalization," he added.
- Another obvious point from the exec was the bottom line benefit of removing the most unprofitable stores from the base.
- Earlier today, Bloomberg Gadlfy posted a very revealing bar graph showing how many stores would need to be closed for certain retailers to achieve their sales per square foot level of 2006 (h/t Shelly Banjo). Shareholders of Bon-Ton Stores (BONT +1.7%), Dillard's (DDS +6.1%), Nordstrom (JWN +6.6%), J.C. Penney (JCP +6.8%), and Sears Holdings (SHLD +2.9%) may want to sneak a peek.
Thu, Aug. 11, 8:44 AM
- The department store sector is on watch for volatility after stronger-than-expected results are posted at both Kohl's and Macy's.
- Beyond the earnings numbers, the headline story may be the plan by Macy's to close 15% of its full-line stores.
- J.C. Penney (NYSE:JCP) is up 5.14% premarket, while Nordstrom (NYSE:JWN) is 5.13% higher. Dillard's (NYSE:DDS), Sears Holdings (NASDAQ:SHLD), Stage Stores (NYSE:SSI), Bon-Ton Stores (NASDAQ:BONT) are inactive in the premarket session.
- Previously: Kohl's rallies after earnings and guidance impress (Aug. 11)
- Previously: Macy's soars after earnings beat and store trimming plan fires up investors (Aug. 11)
Thu, May 19, 7:13 AM
- The Bon-Ton Stores (NASDAQ:BONT) reports comparable-store sales fell 2.9% in Q1.
- Proprietary credit card sales rate advanced 400 bps to 54.9% for the quarter.
- Gross margin rate grew 6 bps to 33.9%.
- SG&A expense rate rose 78 bps to 36.6%.
- Adjusted EBITDA declined 67.6% to $1.33M.
- Merchandise inventories -3.5% to $712.11M.
- Store count -3 Y/Y to 267.
- The company ended the quarter with excess borrowing capacity of $244M under its revolving credit facility.
- FY2016 Guidance: Comparable-store sales: Flat to -1%; Gross margin rate: +30 bps to +50 bps; SG&A expense rate: -40 bps to -60 bps; Adjusted EBITDA: $130M to $140M; Net loss: $29M to $19M; Diluted EPS: -$0.95 to -$1.45; Average diluted shares outstanding: 20M; Cash flow: $28M to $38M; Capex: not to exceed $40M.
Thu, May 19, 6:33 AM
Wed, May 18, 5:30 PM
Wed, May 18, 10:08 AM
- Retail stocks are lower than broad market averages after Target (TGT -9.3%) sets a gloomy tone on U.S. consumer spending. There was a sense of bewilderment from Target in its release and earnings call commentary over the slowdown in sales post-Easter.
- Wal-Mart is down an even 3% to reach a multi-month low ahead of tomorrow's earnings report.
- Shares of Best Buy (NYSE:BBY) are 3.2% lower after the soft read from Target tilts sentiment. The electronics chain reports earnings on May 24 with analysts expecting revenue of $8.291B and EPS of $0.35 to be disclosed.
- Other chain store stocks reeling after the Target release are Conn's (CONN -0.1%), hhgregg (HGG -2.4%), Sears Holdings (SHLD -3.1%), GameStop (GME -1.6%), Bon-Ton Stores (BONT -2.3%), Dollar Tree (DLTR -2.1%), Big Lots (BIG -2.4%), Dollar General (DG -1.5%), Citi Trends (CTRN -7.4%), and PriceSmart (PSMT -2.9%).
- Previously: Investors edgy over retail stocks after Target disappoints (May 18)
- Previously: Target stung by low traffic trend (May 18)
Sat, May 14, 11:01 AM
- The retail sector stays in focus next week with Target (NYSE:TGT), Wal-Mart (NYSE:WMT), TJX Companies (NYSE:TJX), and Ross Stores (NASDAQ:ROST) all due to report on Q1 earnings to follow on a week of dismal reports and guidance from the department store sector (Nordstrom, L Brands, Macy's, Kohl's). Home improvement chains Home Depot (NYSE:HD) and Lowe's (NYSE:LOW) are also due to spill numbers.
- The story from the Commerce Department's April read of retail sales (+3.0% Y/Y, +1.3% M/M) is one of a consumer spending on housing, entertainment, and personal care/fitness over apparel and general merchandise. The 10% Y/Y gain in the nonstore retailer category also tipped that the Amazon (NASDAQ:AMZN) Effect is magnifying.
- Amplify ETFs CEO Christian Magoon tells Seeking Alpha that the traditional retail model appears to be broken. Amplify's Online Retail ETF (NASDAQ:IBUY) is a bet on companies such as Netflix (NASDAQ:NFLX), GrubHub (NYSE:GRUB), Blue Nile (NASDAQ:NILE), and Shopify (NYSE:SHOP) that are reeling in millennial dollars.
- Magoon on retail: "Traditional retailers face the headwinds of higher cost structures including the very real threat of increasing wages in the form of the $15 minimum wage campaign. Less flexible with inventory management, they also are more vulnerable to issues like weather and changing consumer preferences."
- Retail ETFs: XLP, XLY, VDC, XRT, VCR, RTH, RETL, FXG, PBJ, IYK, FXD, IYC, RHS, FDIS, PEJ, FSTA, PSL, SCC, RCD, UCC, PEZ, PMR, PSCC, UGE, PSCD, SZK, BITE.
- Apparel stocks: KATE, ANN, LULU, PVH, VNCE, CRI, UA, HBI, VFC, COLM, GIL, SQBG, JCP, KSS, DDS, M, JWN, ARO, AEO, ANF, WTSL, TLYS, CACH, ZUMZ, PSUN, EXPR, BKE, GIII, SQBG, HBI, VRA, ICON, SHOO, PERY, DXLG, BONT, GES, URBN, RL,GIL, NKE, OXM, HBI, VNCE, PERY, ICON, FL.
Mon, Apr. 25, 9:34 AM
- Green Street Advisors estimates that the department store sector would have to close another 800 stores to match the level of sales per square foot it generated back in 2006.
- The closings number includes the hundreds of stores already shuttered by major players. Macy's is on the low end with only a 9% store reduction needed to meet the sales metric, while Sears is on the other end with a 43% slashing required to hit the mark.
- The full report on the department store sector is available from Green Street's website.
- Related stocks: JCP, KSS, SHLD, M, DDS, OTC:HBAYF, GMAN, BONT.
- Now read Macy's Expecting Continued Pressure In 2016
Tue, Mar. 15, 6:48 AM
- The Bon-Ton Stores (NASDAQ:BONT) reports comparable-store sales decreased 1.9% in Q4.
- Proprietary credit card sales rate expanded 348 bps to 48.7%.
- Gross margin rate declined 20 bps to 34.8%.
- SG&A expense rate increased 80 bps to 27.1%.
- Adjusted EBITDA dropped 16.9% to $93.97M.
- Store count -3 Y/Y to 267.
- FY2016 Guidance: Comparable-store sales: Flat to +1%; Gross margin rate: +40 bps to +60 bps; SG&A expense rate: -60 bps to -70 bps; Adjusted EBITDA: $140M to $150M; Net loss: -$20.3M to -$10.3M; Diluted EPS: -$0.50 to -$1; Average diluted shares outstanding: 20M; Cash flow: $38M to $48M; Capex: not to exceed $40M.
Tue, Mar. 15, 6:33 AM
- The Bon-Ton Stores (NASDAQ:BONT): Q4 EPS of $2.64 misses by $0.14.
- Revenue of $950.36M (-1.4% Y/Y) beats by $3.78M.