The Bon-Ton Stores Inc. reported a net loss of 67 cents per diluted share for fiscal 2011, which included a gain of 48 cents per diluted share associated with extinguishing debt, the company said this morning.
After recording a sales drop of about 10 percent for October, the department store chain last fall reported it expected a net loss for fiscal 2011 of up to 65 cents per share. It revised those expectations in January up to a potential loss of $1.30 per share.
The net loss for the year that ended Jan. 28 was about $12.1 million, or 67 cents per diluted share, compared with net income of about $21.5 million, or $1.12 per diluted share, in the previous fiscal year.
For the last quarter of the fiscal year, Bon-Ton reported net income of $78.2 million, or $4 per diluted share, compared with $85 million, or $4.41 per diluted share, in the year-ago period.
Analysts estimated a loss of $1.26 per share for the year and income of $3.19 per share for the quarter, according to Yahoo Finance.
Net sales fell in both the quarter and the full year, according to a news release.
Bon-Ton's sales and margin performance in the fourth quarter were below expectations as milder weather adversely affected customers buying cold-weather merchandise, the release stated.
The company plans to invest about $70 million in capital expenditures in fiscal 2012 toward expanding growth initiatives, renewing a focus on small stores in small markets and for other measures, according to the release.
The Bon-Ton Stores has corporate offices in York County and Milwaukee. It operates 272 department stores, which includes 11 furniture galleries, in 23 states. Shares are traded on the Nasdaq under the ticker symbol BONT.