Bon-Ton Stores Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended July 30, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2017; Announces Impairment Charges for the Second Quarter of Fiscal 2017
For the six months, the company's net sales were $1,133,367,000 compared to $1,166,369,000 a year ago. Loss from operations was $46,594,000 compared to $38,786,000 a year ago. Loss before income taxes was $76,842,000 compared to $74,034,000 a year ago. Net loss was $76,554,000 compared to $73,637,000 a year ago. Diluted loss per share was $3.86 compared to $3.75 a year ago. Adjusted EBITDA was $3,792,000 compared to $9,824,000 a year ago. Capital expenditures were, excluding external contributions, approximately $26 million, and net of external contributions were approximately $12 million. CapEx spending focused primarily on projects that build infrastructure for growth such as omnichannel operations; customer-facing store upgrades, including fixtures, visuals and remodels; and information systems.
For fiscal 2017, loss per diluted share is expected to be in a range of $0.95 to $1.45. The company continues to expect adjusted EBITDA in a range of $130 million to $140 million, net loss in a range of $29 million to $19 million, interest expense, net of $62 million and depreciation and amortization and amortization of ease-related interests of $96.1 million. (As used in this release, adjusted EBITDA is not a measure recognized under GAAP see the accompanying financial table which reconciles this non-GAAP measure to net loss).
The company also announced impairment charges of $178,000 for the second quarter of fiscal 2017 compared to $222,000 a year ago.