Bon-Ton Stores Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended April 29, 2017; Provides Earnings Guidance for the Fiscal 2017
For the year 2017, the company expects net loss in the range of $52,600,000 to $42,200,000, income tax benefit of $300,000, adjusted EBITDA in the range of $115,000,000 to $125,000,000. The company continues to expect loss per share to be in a range of $2.08 to $2.59, inclusive of a $0.05 expense from the 53rd week. The company expects comparable sales decrease now ranging from 3.0% to 4.0%, which excludes sales from the 53rd week; gross margin rate of flat to up 10 basis points over the fiscal 2016 rate of 35.5%; SG&A dollars now ranging from $855 million to $857 million, including approximately $10 million for the 53rd week, compared to SG&A of $880.6 in fiscal 2016; the improvement compared to the company's prior guidance is primarily due to lower expenses related to advertising, payroll, and occupancy. Capital expenditures not to exceed $30 million, net of external contributions.