×
84 536
Fashion Jobs
COTY
Director, Finance - cb Sales
Permanent · New York
OLD NAVY
Site Merchandising Manager - Old Navy Online
Permanent · San Francisco
NIKE
Senior Manager - Finance Engineering & Automation
Permanent · Beaverton
JCPENNEY
Email Marketing Senior Manager
Permanent · Plano
LEVI'S
Global Raw Material Planner
Permanent · San Francisco
NORDSTROM
Asset Protection - Agent - Tacoma Mall
Permanent · Tacoma
SHISEIDO
Sales & Training Executive, San Francisco - Nars
Permanent · San Francisco
ROSS STORES
Store Protection Specialist
Permanent · Grand Prairie
PUMA
av Specialist, IT Service Desk
Permanent · Somerville
PUMA
Key Account Manager, Sporting Goods
Permanent · Somerville
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time: Outlets at Orange
Permanent · Orange
TAPESTRY
Senior Manager, Human Resources (People Partner)
Permanent · New York
TAPESTRY
Analyst, Trade Compliance
Permanent · Jacksonville
ESTÉE LAUDER
Clinique Consultant - 37.5 Hrs - Macys - South Portland, me
Permanent · South Portland
ESTÉE LAUDER
Associate Consultant - Clinique - Part Time - Macys Tysons Corner - Mclean, va
Permanent · McLean
ESTÉE LAUDER
Business Manager - Clinique - Full Time - Dillards - Temple, tx
Permanent · Temple
ABERCROMBIE AND FITCH CO.
IT Service Desk Specialist
Permanent · Columbus
ATHLETA
Senior Analyst, Divisional & Control Finance, Athleta
Permanent · San Francisco
GAP
Asset Protection Service Representative - Jersey Gardens
Permanent · Elizabeth
OLD NAVY
Assistant General Manager ne - Shop @ Perry Crossng
Permanent · Plainfield
OLD NAVY
General Manager - Freehold
Permanent · Freehold Township
OLD NAVY
Area Visual Manager
Permanent · King of Prussia
By
Reuters
Published
May 7, 2009
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Bonton shares jump 52 pct as liquidity concerns ease

By
Reuters
Published
May 7, 2009

By Poojya Trivedi

BANGALORE, May 7 (Reuters) - Shares of apparel and home-furnishings retailer Bon-Ton Stores Inc (BONT.O) jumped 52 percent on Thursday as fears of the company's liquidity eased.


Bon-Ton Spring 2009

"The company is in a clean inventory position, and per management's comments on the press release, liquidity concerns are no longer front and centre," Wall Street Strategies Inc (wstreet.com) analyst Brian Sozzi said in an e-mail response.

The company ended April with excess borrowing capacity under a revolving credit facility of $165 million, above the required minimum availability of $75 million, Keith Plowman, chief financial officer said in a statement.

In its regulatory filing dated April 15, Bon-Ton had raised concerns about its liquidity and said the tightening of credit markets can make it more difficult to access funds.

The stock may have also benefited from better-than-expected April sales.

The company reported a decline of 5 percent in April same-store sales, which were narrower than its expectations of a fall in the range of 6.5 percent to 7.5 percent.

"What I believe we are seeing with Bon-Ton today is short-covering given an April sales performance that was stronger than what many were expecting in key merchandise departments," Sozzi said.

Bon-Ton, which operates the Elder-Beerman, Boston Store and Carson Pirie Scott chains besides its namesake chain, on Thursday reported a decline of 11 percent and 16 percent in comparable store and clearance inventories, respectively.

The company also expects to receive $30 million tax refund in the second quarter of fiscal 2009.

Shares of the York, Pennsylvania-based company touched a high of $5.11, before paring some of the gains to trade up 15.82 percent at $3.87 on Nasdaq.

Nearly 3 million shares changed hands by afternoon, about 1.7 times the 50-day moving average daily volume. (Editing by Anil D'Silva)

© Thomson Reuters 2022 All rights reserved.