Bon-Ton Q4 Profit Slides - Quick Facts

(RTTNews) - Bon-Ton Stores, Inc. (BONT) posted lower fourth-quarter net income of $61.34 million, or $3.04 per share, versus the prior-year quarter's $74.41 million, or $3.71 per share. On average, 5 analysts polled by Thomson Reuters expected earnings per share of $2.74 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly adjusted EBITDA was $103.7 million, down compared with $122.8 million in the fourth quarter of fiscal 2012.

For the latest quarter, net sales, including other income, slipped to $934.62 million, from $1.03 billion in the previous year, with comparable-store sales declining by 7.3%. Analysts estimated revenues of $980.95 million for the quarter.

Results for the fourth quarter and fiscal 2012 were impacted by the inclusion of an additional week in each period, resulting in a 14-week and 53-week reporting period, respectively, the company noted. This compares with a reporting period ended February 1, 2014 of 13 weeks and 52 weeks in the fourth quarter and fiscal 2013, respectively.

Looking ahead to fiscal 2014, the company provided its guidance for adjusted EBITDA in a range of $170 million - $180 million, income per share in a range of $0.40 - $0.70. Five analysts project annual earnings of $0.99 per share. Comparable-store sales were anticipated to grow in a range of 1.0% - 3.0% for the full year.

Separately, Bon-Ton Stores announced that Brendan Hoffman, President and Chief Executive, has notified the company's board that he would not renew his employment agreement with the firm at its expiration on February 7, 2015. Hence, Hoffman's term as President and Chief Executive would come to an end, and he would also resign as the company's director, on February 7, 2015.