MIRA INFORM REPORT
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Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
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Name : |
THE BON-TON STORES, INC |
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Registered Office : |
Fortune 1000 Rank: 697, 2801 East Market Street, York, PA 17402 |
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Country : |
United States |
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Financials (as on) : |
02.02.2013 |
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Date of Incorporation : |
31.01.1996 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Department Store Operators |
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No. of Employees : |
27100 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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United
States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
United States - ECONOMIC OVERVIEW
The US has the largest and most
technologically powerful economy in the world, with a per capita GDP of $49,800.
In this market-oriented economy, private individuals and business firms make
most of the decisions, and the federal and state governments buy needed goods
and services predominantly in the private marketplace. US business firms enjoy
greater flexibility than their counterparts in Western Europe and Japan in
decisions to expand capital plant, to lay off surplus workers, and to develop
new products. At the same time, they face higher barriers to enter their
rivals' home markets than foreign firms face entering US markets. US firms are
at or near the forefront in technological advances, especially in computers and
in medical, aerospace, and military equipment; their advantage has narrowed
since the end of World War II. The onrush of technology largely explains the
gradual development of a "two-tier labor market" in which those at
the bottom lack the education and the professional/technical skills of those at
the top and, more and more, fail to get comparable pay raises, health insurance
coverage, and other benefits. Since 1975, practically all the gains in
household income have gone to the top 20% of households. Since 1996, dividends
and capital gains have grown faster than wages or any other category of
after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude
oil prices doubled between 2001 and 2006, the year home prices peaked; higher
gasoline prices ate into consumers' budgets and many individuals fell behind in
their mortgage payments. Oil prices climbed another 50% between 2006 and 2008,
and bank foreclosures more than doubled in the same period. Besides dampening
the housing market, soaring oil prices caused a drop in the value of the dollar
and a deterioration in the US merchandise trade deficit, which peaked at $840
billion in 2008. The sub-prime mortgage crisis, falling home prices, investment
bank failures, tight credit, and the global economic downturn pushed the United
States into a recession by mid-2008. GDP contracted until the third quarter of
2009, making this the deepest and longest downturn since the Great Depression.
To help stabilize financial markets, in October 2008 the US Congress
established a $700 billion Troubled Asset Relief Program (TARP). The government
used some of these funds to purchase equity in US banks and industrial
corporations, much of which had been returned to the government by early 2011.
In January 2009 the US Congress passed and President Barack OBAMA signed a bill
providing an additional $787 billion fiscal stimulus to be used over 10 years -
two-thirds on additional spending and one-third on tax cuts - to create jobs
and to help the economy recover. In 2010 and 2011, the federal budget deficit
reached nearly 9% of GDP. In 2012 the federal government reduced the growth of
spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan
required major shifts in national resources from civilian to military purposes
and contributed to the growth of the budget deficit and public debt. Through
2011, the direct costs of the wars totaled nearly $900 billion, according to US
government figures. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries. In March 2010, President
OBAMA signed into law the Patient Protection and Affordable Care Act, a health
insurance reform that will extend coverage to an additional 32 million American
citizens by 2016, through private health insurance for the general population
and Medicaid for the impoverished. Total spending on health care - public plus
private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the
president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act,
a law designed to promote financial stability by protecting consumers from
financial abuses, ending taxpayer bailouts of financial firms, dealing with
troubled banks that are "too big to fail," and improving
accountability and transparency in the financial system - in particular, by
requiring certain financial derivatives to be traded in markets that are subject
to government regulation and oversight. In December 2012, the Federal Reserve
Board announced plans to purchase $85 billion per month of mortgage-backed and
Treasury securities in an effort to hold down long-term interest rates, and to
keep short term rates near zero until unemployment drops to 6.5% from the
December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems
include stagnation of wages for lower-income families, inadequate investment in
deteriorating infrastructure, rapidly rising medical and pension costs of an
aging population, energy shortages, and sizable current account and budget
deficits - including significant budget shortages for state governments.
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Source : CIA |
Company name & address
The Bon-Ton Stores, Inc.
Fortune 1000 Rank: 697
2801 East Market Street
York, PA 17402
United States
Tel: 717-757-7660
Fax: 717-751-3196
Web: www.bonton.com
Headquarter
331 W.
Wisconsin Avenue,
10th
Floor, Milwaukee,
WI 53203, United States
Synthesis
Employees: 27,100
Company Type: Public Parent
Corporate Family: 340
Companies
Traded: NASDAQ: BONT
Incorporation Date:
31-Jan-1996
Auditor: KPMG LLP
Financials in: USD
(Millions)
Fiscal Year End:
02-Feb-2013
Reporting Currency: US
Dollar
Annual Sales: 2,978.8 1
Net Income: (21.6)
Total Assets: 1,634.2 2
Market Value: 443.0
(07-Jun-2013)
Business Description
The Bon-Ton
Stores, Inc. is a department store operators in the United States, offering an assortment
of apparel and accessories for women, men and children. The Company’s
merchandise offerings also include cosmetics, home furnishings and other goods.
As of January 28, 2012, it operated 272 stores in 23 states in the Northeast,
Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store,
Carson Pirie Scott, Elder-Beerman, Herberger's and Younkers nameplates and, in
the Detroit, Michigan area, under the Parisian nameplate, encompassing a total
of approximately 25 million square feet. Its brand assortment includes labels
in the apparel, accessories, footwear, cosmetics and home furnishings
industries, such as Anne Klein, Born, Calvin Klein, Carters, Clarks, Clinique,
Coach, Estee Lauder, Fossil, Frye, Jessica Simpson, Jones New York, Kenneth
Cole, Lancome, Lauren, Michael Kors, Nine West, Polo, Steve Madden and Vince
Camuto. For the 13 weeks ended 04 May 2013, The Bon-Ton Stores, Inc. revenues
increased 1% to $661.9M. Net loss decreased 35% to $26.6M. Revenues reflect
Retail Sales increase of 1% to $646.9M, Net sales increase of 1% to $646.9M,
Other Income increase of 11% to $15M. Lower net loss reflects Merchandise
Margins, Total -% increase of 1% to 34.8%, Selling, general and administrative
decrease of 1% to $225.1M (expense), Interest expense.
Industry
Industry Retail (Department and Discount)
ANZSIC 2006: 4260 - Department
Stores
NACE 2002: 5212 - Other
retail sale in non-specialised stores
NAICS 2002: 45211 - Department
Stores
UK SIC 2003: 5212 - Other
retail sale in non-specialised stores
UK SIC 2007: 4719 - Other
retail sale in non-specialised stores
US SIC 1987: 5311 - Department
Stores
Key Executives
(Emails Available)
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Name |
Title |
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President, Chief Executive Officer, Director |
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Chief Financial Officer, Executive Vice President - Finance, Principal
Accounting Officer |
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Executive Vice President, Chief Marketing Officer |
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Executive Vice President - Human Resources, Information Systems,
Corporate Procurement & Logistics |
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Chief Accounting Officer, Vice President, Principal Accounting Officer |
Significant
Developments
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* number of significant developments within the last 12 months
news
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Financial
Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
2801 East Market Street
York, PA, 17402
York County
United States
Tel: 717-757-7660
Fax: 717-751-3196
Web: www.bonton.com
Quote Symbol - Exchange
BONT - NASDAQ
Sales USD(mil): 2,978.8
Assets USD(mil): 1,634.2
Employees: 27,100
Fiscal Year End: 02-Feb-2013
Industry: Retail
(Department and Discount)
Incorporation Date: 31-Jan-1996
Company Type: Public
Parent
Quoted Status: Quoted
President, Chief
Executive Officer, Director:
Brendan L. Hoffman
Industry Codes
ANZSIC 2006 Codes:
4260 - Department Stores
NACE 2002 Codes:
5212 - Other retail sale in non-specialised stores
NAICS 2002 Codes:
45211 - Department Stores
US SIC 1987:
5311 - Department Stores
UK SIC 2003:
5212 - Other retail sale in non-specialised stores
UK SIC 2007:
4719 - Other retail sale in non-specialised stores
Business
Description
The Bon-Ton
Stores, Inc., incorporated on January 31, 1996, is a department store operators
in the United States, offering an assortment of apparel and accessories for
women, men and children. The Company’s merchandise offerings also include
cosmetics, home furnishings and other goods. As of January 28, 2012, it
operated 272 stores in 23 states in the Northeast, Midwest and upper Great
Plains under the Bon-Ton, Bergner's, Boston Store, Carson Pirie Scott,
Elder-Beerman, Herberger's and Younkers nameplates and, in the Detroit,
Michigan area, under the Parisian nameplate, encompassing a total of
approximately 25 million square feet.
The Company’s
brand assortment includes labels in the apparel, accessories, footwear,
cosmetics and home furnishings industries, such as Anne Klein, Born, Calvin
Klein, Carters, Clarks, Clinique, Coach, Estee Lauder, Fossil, Frye, Jessica
Simpson, Jones New York, Kenneth Cole, Lancome, Lauren, Michael Kors, Nine
West, Polo, Steve Madden and Vince Camuto. The Company's private brand
portfolio includes brands, such as Laura Ashley, Victor by Victor Alfaro, Ruff
Hewn, Relativity, Studio Works, Breckenridge, Living Quarters Loft, Paradise
Collections, Kenneth Roberts and Cuddle Bear.
The Company
competes with Belk, Inc., Boscov's Department Store LLC, Dillard's, Inc.,
Macy's, Inc., Von Maur Inc., J. C. Penney Company, Inc., Kohl's Corporation,
Sears Holdings Corporation, Target Corporation and Wal-Mart Stores, Inc.
More Business Descriptions
The Bon-Ton
Stores, Inc. is a department store operators in the United States, offering an
assortment of apparel and accessories for women, men and children. The
Company’s merchandise offerings also include cosmetics, home furnishings and
other goods. As of January 28, 2012, it operated 272 stores in 23 states in the
Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston
Store, Carson Pirie Scott, Elder-Beerman, Herberger's and Younkers nameplates
and, in the Detroit, Michigan area, under the Parisian nameplate, encompassing
a total of approximately 25 million square feet. Its brand assortment includes
labels in the apparel, accessories, footwear, cosmetics and home furnishings
industries, such as Anne Klein, Born, Calvin Klein, Carters, Clarks, Clinique,
Coach, Estee Lauder, Fossil, Frye, Jessica Simpson, Jones New York, Kenneth
Cole, Lancome, Lauren, Michael Kors, Nine West, Polo, Steve Madden and Vince
Camuto. For the 13 weeks ended 04 May 2013, The Bon-Ton Stores, Inc. revenues
increased 1% to $661.9M. Net loss decreased 35% to $26.6M. Revenues reflect
Retail Sales increase of 1% to $646.9M, Net sales increase of 1% to $646.9M,
Other Income increase of 11% to $15M. Lower net loss reflects Merchandise
Margins, Total -% increase of 1% to 34.8%, Selling, general and administrative
decrease of 1% to $225.1M (expense), Interest expense.
Department Store
Chain
Retail stores
generally carrying a general line of apparel, such as suits, coats, dresses,
and furnishings; home furnishings, such as furniture, floor coverings,
curtains, draperies, linens, and major household appliances; and housewares,
such as table and kitchen appliances, dishes, and utensils. These stores must
carry men's and women's apparel and either major household appliances or other
home furnishings. These and other merchandise lines are normally arranged in
separate sections or departments with the accounting on a departmentalized
basis. The departments and functions are integrated under a single management.
The stores usually provide their own charge accounts, deliver merchandise, and
maintain open stocks. These stores normally have 50 employees or more.
Bon-Ton is one of the
leading regional department stores operator in the US. The company through its
stores offers fashion apparel for women, men and children; cosmetics, footwear
and home furnishings. Bon-Ton operates through its network of 272 stores
located across 23 Northeastern, Midwestern and upper Great Plains states. The
company manages its under different banners such as Boston Store, Bon-Ton,
Bergner’s, Elder-Beerman, Carson Pirie, Scott, Herberger’s and Younkers. In
Detroit and Michigan area, the company operates under the Parisian bannerThe
company’s products can be divided into nine categories including women’s
apparel, home, men’s apparel, cosmetics, footwear, accessories, children’s
apparel, intimate apparel and juniors’ apparel. The company, under the
women’s apparel category, offers products such as active wear, dresses for
social occasion, jackets, jeans, pants, skirts, swim shop, shorts, knit tops,
tee shirts and blouses, sweaters, coats, vests and suits.It markets these
product under various brand names such as Adrianna Papell, AGB, AK Anne Klein
and Alfred Dunner, Athena, Beach house, Calvin Klein, Felina, Fever, Gossip and
others. For the year ended January 2012, the women’s apparel category
contributed 24.6% of the company’s total revenue. Bon-Ton through the home
category offers kitchen, dining, home accents, rugs, electronics, and
entertainment and personal care items. The company markets these products under
various brand names such as AeroBed, AeroGrow, All-Clad, Amco and American Tourister.
For the year ended January 2012, the home category contributed 17.6% of the
company’s total revenue. The company under the men’s apparel category
offers a wide range of products including jeans, casual shirts, sweaters,
swimwear, casual pants, shirts, neckwear, suit separates, blazers, sport coats,
dress pants, underwear, socks, slipper and accessories. It markets these
products under the brand names such as adidas, Billy London, Calvin Klein,
Champion and Claiborne. For the year ended January 2012, the men’s apparel
category contributed 11.7% of the company’s total revenue. The cosmetics
category, offers anti-aging products, fragrances and light therapy. Bon Ton
markets these products under different brand names including Clarins, Clinique,
Origins, Aramis, Azzaro, Burberry and Lancome. For the year ended January 2012,
the cosmetics category contributed 14.1% of the company’s total revenue.
Bon-Ton, under the footwear category, provides shoes for women, men, juniors
and kids. The company offers footwear products under different brand names such
as Aerosols, AK Anne Klein, Bandolino, Avia and Bare Traps. For the year ended
January 2012, the footwear category contributed 8.9% of the company’s total
revenue.The company under the accessories category offers a wide assortment of
merchandise including belts, wallets and small leathers, social occasion wraps,
sunglasses, socks, hosiery and umbrellas. The company markets these products
under various brand names such as Athra, Basha, Barse and AK Anne Klein. For
the year ended January 2012, the accessories category contributed 9.7% of the
company’s total revenue.Under the children’s apparel category the company
offers baby boys’ apparel, baby girls’ apparel, baby gifts, christening,
toys and games. These products offered through the brands including A.Byer,
Adidas, Amy Byer and Baby Essentials. For the year ended January 2012, the
children’s apparel category contributed 6.9% of the company’s total
revenue. The company, under the intimate apparel category, offers lingerie,
daywear, shapewear, sleepwear and robes. The company markets these products
under various brand names including Aria, Bali, Barelythere, Calving Klein and
Cuddl Duds. In the fiscal year ended January 2010, the category accounted for
4.3% of the sales. For the year ended January 2012, the intimate apparel
category contributed 4% of the company’s total revenue. Bon-Ton, under the
juniors’ apparel category, offers dresses, jackets & blazers, jeans,
pants, skirts, tops, sweaters and accessories. The company offers these
products various brands like Accessory Network, Apple Bottoms, Baby Phat and
Bee Darlin. For the year ended January 2012, the juniors’ apparel category
contributed 2.5% of the company’s total revenue.The company offers several
national brands and private label brand merchandise. Its private labels consist
of Victor by Victor Alfaro, StudioWorks, Living Quarters, Relativity, Laura
Ashley, Consensus, Cuddle Bear, Ruff Hewn, Statements, Breckenridge, Kenneth
Roberts and Karen Neuberger Home. It offers national brands that include Calvin
Klein, Chanel, Coach, Easy Spirit, Bandolino, Born, Clarks, Estee Lauder, Jones
New York, Liz Claiborne, Anne Klein II, Nautica, Columbia, NineWest, OshKosh
and Ralph Lauren Bon-ton has presence in 23 Northeastern, Midwestern and upper
Great Plains states of the US under its nameplates the Bon-Ton, Bergner’s,
Boston Store, Carson Pirie, Scott, Elder-Beerman, Herberger’s and Younkers.
In Detroit and Michigan area, the company operates under the Parisian banner.
The Bon-Ton
Stores, Inc.(Bon Ton) is a regional department store operater. The company’s
product portfolio consists of fashion apparel and accessories for women, men
and children, cosmetics, home furnishings and footwear. Bon Ton trough its
stores offers merchandise of various brands such as Calvin Klein, Chanel,
Bandolino, Born, Coach, Easy Spirit, Clarks, Liz Claiborne, Estee Lauder, Jones
New York, Anne Klein II and Waterford. It also offers various brands in its
stores. The company operates 272 stores under different banners such as
Bon-Ton, Bergner’s, Elder-Beerman, Herberger’s, Boston Store, Carson Pirie
Scott and Younkers and Parisian. The company operates in 23 states of the US.
Bon Ton is headquartered in York, Pennsylvania, the US.The company reported
revenues of (U.S. Dollars) USD 2,953.53 million during the fiscal year ended
January 2012, a decrease of 3.05% from 2011. The operating profit of the
company was USD 75.36 million during the fiscal year 2012, a decrease of 44.24%
from 2011. The net loss of the company was USD 12.13 million during the fiscal
year 2012, as against a net profit of USD 21.49 million during 2011.
The Bon-Ton Stores
is a regional department store chain operating more than 140 department stores
and two furniture stores in more than 15 states from the Northeast to the
Midwest under the Bon-Ton and Elder-Beerman names. The stores offer quality
branded, moderate priced merchandise in apparel, cosmetics, shoes, accessories
and distinctive home fashions, as well as exclusive private-label merchandise.
The Bon-Ton maintains a niche in smaller markets, attracting customers seeking
fashionable merchandise at competitive prices. It provides an upscale
presentation and a high level of service with the convenience of local
shopping. The Bon-Ton operates in targeted markets where it a primary
department store. The Bon-Ton traces its roots to a one-room millinery and dry
goods store that opened its doors in 1898 on Market Street in York, Pa.
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Strategic Initiatives
Planning
The company would
offer its products through its ecommerce website and from a few selected
stores. This provides a good opportunity for Bon-ton, as such big and tall
customers make up over 50% of the male population in the US and spend
approximately USD 6 billion on various merchandise such as apparel, footwear
and other accessories. The company’s strategic initiatives would help to
cater to a broader customer base.Growth in Private Label ProductsThe company
can benefit from enhancing its private label portfolio. The company, through
private brand program, presents the opportunity to improve its overall gross
margin by virtue of the efficient cost structure inherent in the design and
sourcing of in-house brands. Further, private label products are cheaper than
other branded merchandise, which serves as a lucrative measure for the
customers.
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Helpful |
Harmful |
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Internal Origin |
Strengths
Strong
Regional Player: the US |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
The Bon-Ton
Stores, Inc. (The Bon-Ton Stores) offers a wide range of products, including
fashion apparel for women, men and children. The company offers both national brands
and private label brands. The company sells its products through a strong
network of stores in the Northeast, Midwest and upper Great Plains in the US.
The company's strong regional presence combined with its broad assortment of
merchandise provides with competitive advantage. However, factors like rising
manpower costs combined with the increasing market share of counterfeit
products can have a material adverse impact on its financial and operational
performance.
Strengths
Strong Regional Player: the US
Bon-ton is a
substantial player among the regional retailers in the US, which helps it to
have a strong foothold in the US market. The company operates 272 stores in 23
states in the Northeast, Midwest upper Great Plains, and Michigan encompassing
a total of approximately 25 million sq. ft of store space. The company has
developed its image as home town store helps it to better deal with the local
customers’ requirements. Bon-ton operates through its eight nameplate banners
that include Bon-Ton, Bergner’s, Boston Store, Carson Pirie Scott,
Elder-Beerman, Herberger’s, Younkers and Parisian (in Detroit and Michigan
area). Each nameplate has a strong regional recognition and heritage that makes
the store operations more relevant to the regions it is associated with. The
company’s substantial presence in the country through its regional strategy
helps the company to attract more number of customers leading to increased
competitive position.
Extensive Merchandise Assortment
Bon-ton offers a
broad variety of merchandise through its stores, which helps it to cater to
customers from all ages and lifestyles. It offers a broad range of products
through nationally recognized brands and private label brands. The company
offers merchandise and other accessories in categories such as women’s
apparel, home category, men’s apparel, cosmetics category, footwear,
children’s apparel, intimate apparel, juniors’ apparel. It also offers
other accessories like belts, wallets and small leathers, social occasion
wraps, sunglasses, socks, hosiery and umbrellas. The various national brands
offered by the company’s stores include Calvin Klein, Chanel, Coach, Easy
Spirit, Bandolino, Born, Clarks, Jones New York, Nautica, Columbia, NineWest, OshKosh,
Ralph Lauren and others. Under the private label brands it offers various
brands such as Victor by Victor Alfaro, StudioWorks, Living Quarters,
Relativity, Laura Ashley, Consensus, Cuddle Bear, Ruff Hewn, Statements, and
others. The broad assortment of merchandise through diversified brands helps
the company to meet the requirements of a broader customer base and helps in
better revenue generation and margins. In 2012, the company generated 24.6% of
its total sales from Women’s Apparels category, followed by Home (17.6%),
Cosmetics (14.1%), Men’s Apparels (11.7%), Accessories (9.7%), Footwear
(8.9%), Children’s Apparel (6.9%), Intimate Apparels (4.0%), and Junior’s
Apparels (2.5%).
Integrated Technology Application
The company has
implemented strong technology systems in it business activities. Such strong
technology implementation brings about efficiency in customer service and
reduction of operating costs. For efficient inventory management, the
company’s distribution facilities are electronically monitored by its
merchandising staff to facilitate the distribution of goods to the stores. It
also implements electronic data interchange (EDI) technology with most of its
vendors, which facilitates quick movement of merchandise in the selling floor
and also, enables cost-effective management of merchandise by allowing vendors
to deliver goods pre-labeled for individual store locations. It also utilizes
high-speed automated conveyor systems to scan bar coded labels on incoming
cartons of merchandise and direct cartons to the proper processing areas. It
also has established merchandise returns management system in its stores, this
helps in the reduction of fraudulent return activity and offers additional
insight into customer return behavior. The strategic applications of the
technology across the different processes helps Bon-ton to provide better
customer service and reduces its overall operational and other related costs.
Weaknesses
Product Recalls
The company has
been involved in various product recall incidents due, these recalls affects
its market image and its financials as well. In the past, the company recalled
Byer California Girls' Cargo Pocket Jacket. Moreover, the company also called
off Chicology roll up blinds from market. The company also recalled many
products, namely, Bath Robes, Full Zip Hooded Sweatshirts and others. The
company is also among the 14 companies that declared to pay civil penalties in
the range of over USD 1 billion collectively to the U.S. Consumer Product Safety
Commission (CPSC), for failing to report dangerous drawstrings present in
children’s outerwear. Thus, constant involvement in product recalls tarnishes
the brand image of the company and also discourages customers’ visits.
Decline in Profitability
The company
reported a substantial decline in its profitability levels in 2012. The total
revenues of the company declined from $ 3046.49m in 2011 to $ 2953.53m in 2012,
its operating income declined from $135.15m in 2011 to $75.36m in 2012, and it
reported a net loss of $12.13M as against a net income of $21.49m in 2012. The
decline in revenues was mainly due to the decline in Comparable store sales by
2.8% compared to the prior year. Moreover, the sales of merchandise categories
with more traditional goods were particularly challenged in 2011, as the
company’s customer is expressing a preference for updated styling. The gross
profit of the company also declined from $1120.3m in 2011 to $1037.29m in 2012.
As a result, the gross margin of the company declined from 36.77% in 2011 to
35.12% in 2012, operating margin declined from 4.43% in 2011 to 2.55% in 2012,
net profit margin of the company declined from 0.70% in 2011 to -0.41% in 2012,
return on equity declined from 11.72% in 2011 to -9.21% in 2012, return on
capital employed declined from 10.87% in 2011 to 6.33% in 2012, return on
assets declined from 1.29% in 2011 to -0.74% in 2012, and return on working
capital declined from 37.20% in 2011 to 21.27% in 2012.
Opportunities
Key Business Initiatives
The company has
taken several key business initiatives in the recent past to achieve its
business growth prospects in the long run. In March 2012, the company signed a
lease with General Growth Properties, Inc. for the 122,500 sq. foot ft. located
in the Pine Ridge Mall, Pocatello, Idaho. In December 2011, the company signed
a new, multi-year private label credit card program agreement with Alliance
Data. Under the terms of the agreement, Alliance Data, through its bank
subsidiary, will provide end-to-end proprietary credit card services to the
company. In February 2011, the company signed a license and design agreement
with Mambo Graphics PTY LTD for the exclusive launch of the Mambo brand in the
United States. Under the agreement, Mambo will design the collection while
Bon-Ton will manage the sourcing, manufacturing, distribution and marketing of
the line. Moreover, in October 2010, the company entered into a license and
design agreement with Tharanco Lifestyles LLC and fashion designer John
Bartlett to offer an exclusive private label collection in the men's apparel
and accessories segment. Earlier in September 2010, the company entered into an
agreement with Casual Male Retail Group, Inc., through which Bon-Ton would
offer men's big and tall apparel. The company would offer its products through
its ecommerce website and from a few selected stores. This provides a good
opportunity for Bon-ton, as such big and tall customers make up over 50% of the
male population in the US and spend approximately USD 6 billion on various
merchandise such as apparel, footwear and other accessories. The company’s
strategic initiatives would help to cater to a broader customer base.
Growth Prospects: E-Retail
With the rising
trend of e-retail business, there is huge potential for the company to increase
its profitability through the direct-to-customer segment. Now, more and more
customers prefer to shop online and place their orders through credit cards,
thereby avoiding the time consuming journey and billing queues. With the rising
trend of e-commerce business, there is huge potential for the company to
increase its profitability through the direct-to-customer segment. Now, more
and more customers prefer to shop online and place their orders through credit
cards, thereby avoiding the time consuming journey and billing queues. The
North America and European region witnessed a high growth in e-retail segment.
According to analysts, the online retail sales in the US are expected to reach
$229 billion in 2013. The market is expected to grow at a compound average
growth rate (CAGR) of 10% from 2009 to 2013. Moreover, according to Internet
World Stats as on December 31, 2011, the internet penetration in the world
population stood at 32.7%, compared to 28.7% in 2010 with a growth rate of more
than 528.1% during 2000-2011. This changing trend encouraged many retailers to
focus on the new internet savvy customer segment and venture into this growing
retail format. As the company already has a sound presence in internet format,
the company could further enhance its competitive position in the ecommerce
market, which would help the company to enhance its sales through brand
awareness and user friendly features through its websites. Besides, it will
save on the operating costs, which are much lower in the online retail format
as compared to physical store format.
Growth in Private Label Products
The company can
benefit from enhancing its private label portfolio. The company, through
private brand program, presents the opportunity to improve its overall gross
margin by virtue of the efficient cost structure inherent in the design and
sourcing of in-house brands. Further, private label products are cheaper than
other branded merchandise, which serves as a lucrative measure for the
customers. The company also earns higher margins on such merchandise. Moreover,
around 85% of shoppers in 2010 have positive attitudes towards private label
products. The company can also expand its business to regions like Kansas to
foster its sales further in the US. It is further projected that, retail sales
will increase by 2.5% and the private label products will account for
approximately 30% of all dollar sales by 2012. This provides a good opportunity
for the company to expand into further.
Threats
Growing Consumer Preferences
The company
operates in a global casual, athletic and fashion footwear domains and its
business depends principally on the customer preferences, changing consumer
demands and the changing trends. The company has to adapt quickly to these
changes to increase or maintain its business in the competitive footwear
industry. The consumers’ purchasing decisions are highly subjective and could
be influenced by various factors, such as brand image, marketing programs and
product design. The company should anticipate and respond to these changing
consumer preferences in a time based manner. Although the company has a
consistent focus on innovation and creativity to stay abreast of emerging
lifestyle and fashion trends affecting the casual, athletic and fashion
footwear, however, any failure to identify and respond to change in consumer
preference and the rapidly changing fashion trends could adversely affect
consumer acceptance of company’s products and brands in turn affecting its future
business growth.
Change in terms: Proprietary Credit Cards
The company’s
business might be affected due to any change in the terms associated with its
proprietary credit cards program. Bon-ton has over 4.1 million proprietary card
holders through an agreement with HSBC Bank. In future, Bank’s inability to
or unwillingness to provide support to Bon-ton’s credit card program would
lead to decrease in sales through credit cards and also could lead to loss of
sales to its customers. This would affect the customers’ confidence in the
company and it may lose its regular customers. In addition, The Credit Card Accountability
Responsibility and Disclosure Act of 2009 (the “CARD Act”) endorsement of
fundamental changes to many credit card business practices, like marketing,
underwriting, pricing and billing would lead to adverse affects on the
company’s business. New changes in the act could make it difficult for HSBC
to extend credit to Bon-Ton’s customers and payment collections. This could
lead to material adverse impact on Bon-ton’s operations and financial
results.
Growing Counterfeit Goods Market
The company as a
major player in the casual, athletic and fashion footwear domains faces
significant challenges related to the huge influx of counterfeit products
across the globe, which could have a significant negative impact on its
business. Such high penetration of counterfeit merchandise may lower the sales
of the company and adversely affect its profit margins. Moreover, as the
customers end up buying counterfeit products bearing the look-alike brand
labels, the low quality of these counterfeits affects the consumer confidence
and also tarnishes the brand image of the genuine company. According to
estimates by the Counterfeiting Intelligence Bureau (CIB) of the International
Chamber of Commerce (ICC), counterfeit goods make up 5 to 7% of world trade.
Besides, since 1982, the global trade in illegitimate goods has increased from
$5.5 billion to about $600 billion annually. Moreover, the apparel and footwear
industries lose approximately $12 billion in revenue each year from
counterfeiting. The company is prone to these challenges related to the
counterfeiting of products and the rise in Counterfeit goods market could
affect its business growth prospects.
Credit Report as of 04/01/2013
|
Location |
|
|
2801 E Market St Ste: 3a |
|
|
|
|
|
County: |
York |
|
MSA: |
York, PA |
|
|
|
|
Phone: |
717-757-7660 |
|
Fax: |
717-751-3196 |
|
URL: |
|
|
|
|
|
ABI: |
438461790 |
|
|
|
|
Annual Sales: |
$2,919,411,000 (USD) |
|
Employees: |
26,900 |
|
|
|
|
Facility Size(ft2): |
40,000+ |
|
Facility Own/Lease: |
Lease |
|
|
|
|
Business Type: |
Public |
|
Location Type: |
Headquarter |
|
|
|
|
Ticker: |
|
|
Exchange: |
NASDAQ |
|
Primary Line of
Business: |
|
|
SIC: |
5311-02 - Department Stores |
|
NAICS: |
452111 - Department Stores, Except Discount |
|
Secondary Lines of
Business: |
|
|
SICs: |
8742-13 - Marketing Programs & Services |
|
|
8742-01 - Business Management Consultants |
|
|
9999-99 - Nonclassified Establishments |
|
NAICS: |
541613 - Marketing Consulting Svcs |
|
|
999990 - Unclassified Establishments |
|
|
541614 - Process & Logistics Consulting Svcs |
|
Corporate
Family |
Corporate
Structure News: |
|
|
The Bon-Ton
Stores, Inc. |
|
The Bon-Ton Stores, Inc. |
|
|
|
|
|
Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
York, PA |
United States |
Retail (Department and Discount) |
2,978.8 |
27,100 |
|
|
Subsidiary |
York, PA |
United States |
Retail (Department and Discount) |
|
62,000 |
|
|
Subsidiary |
Fargo, ND |
United States |
Retail (Department and Discount) |
18.4 |
150 |
|
|
Subsidiary |
Saint Cloud, MN |
United States |
Retail (Department and Discount) |
17.9 |
125 |
|
|
Subsidiary |
York, PA |
United States |
Retail (Department and Discount) |
|
33,000 |
|
|
Subsidiary |
York, PA |
United States |
Retail (Specialty) |
|
15,000 |
|
|
Subsidiary |
York, PA |
United States |
Retail (Department and Discount) |
|
1,000 |
|
|
Branch |
Milwaukee, WI |
United States |
Retail (Department and Discount) |
158.1 |
800 |
|
|
Branch |
Wauwatosa, WI |
United States |
Retail (Department and Discount) |
98.8 |
500 |
|
|
Branch |
Des Moines, IA |
United States |
Retail (Department and Discount) |
96.9 |
500 |
|
|
Branch |
Brookfield, WI |
United States |
Retail (Department and Discount) |
79.0 |
400 |
|
|
Subsidiary |
York, PA |
United States |
Retail (Department and Discount) |
|
400 |
|
|
Branch |
Greendale, WI |
United States |
Retail (Department and Discount) |
71.1 |
360 |
|
|
Branch |
Wilmette, IL |
United States |
Retail (Department and Discount) |
79.3 |
350 |
|
|
Branch |
Mt Prospect, IL |
United States |
Retail (Department and Discount) |
79.3 |
350 |
|
|
Branch |
Orland Park, IL |
United States |
Retail (Department and Discount) |
68.0 |
300 |
|
|
Branch |
Omaha, NE |
United States |
Retail (Department and Discount) |
64.3 |
300 |
|
|
Branch |
Roseville, MN |
United States |
Retail (Department and Discount) |
61.0 |
300 |
|
|
Subsidiary |
Livonia, MI |
United States |
Retail (Department and Discount) |
60.8 |
300 |
|
|
Branch |
Lombard, IL |
United States |
Retail (Department and Discount) |
19.9 |
300 |
|
|
Branch |
Chicago Ridge, IL |
United States |
Retail (Department and Discount) |
67.7 |
299 |
|
|
Branch |
Dayton, OH |
United States |
Retail (Department and Discount) |
55.5 |
270 |
|
|
Branch |
Madison, WI |
United States |
Retail (Department and Discount) |
53.0 |
268 |
|
|
Branch |
Matteson, IL |
United States |
Retail (Department and Discount) |
56.6 |
250 |
|
|
Branch |
Chicago, IL |
United States |
Retail (Department and Discount) |
56.6 |
250 |
|
|
Branch |
Bloomington, MN |
United States |
Retail (Department and Discount) |
50.9 |
250 |
|
|
Subsidiary |
Lancaster, PA |
United States |
Retail (Department and Discount) |
18.5 |
250 |
|
|
Branch |
Omaha, NE |
United States |
Retail (Department and Discount) |
51.4 |
240 |
|
|
Branch |
Merrillville, IN |
United States |
Retail (Department and Discount) |
47.6 |
230 |
|
|
Branch |
West Des Moines, IA |
United States |
Retail (Department and Discount) |
44.0 |
227 |
|
|
Branch |
Coralville, IA |
United States |
Retail (Department and Discount) |
42.6 |
220 |
|
|
Branch |
Peoria, IL |
United States |
Retail (Department and Discount) |
45.3 |
200 |
|
|
Branch |
St Charles, IL |
United States |
Retail (Department and Discount) |
45.3 |
200 |
|
|
Branch |
Lincolnwood, IL |
United States |
Retail (Department and Discount) |
45.3 |
200 |
|
|
Branch |
Wyomissing, PA |
United States |
Retail (Department and Discount) |
43.5 |
200 |
|
|
Branch |
Sioux Falls, SD |
United States |
Retail (Department and Discount) |
42.2 |
200 |
|
|
Branch |
Toledo, OH |
United States |
Retail (Department and Discount) |
41.1 |
200 |
|
|
Branch |
Grandville, MI |
United States |
Retail (Department and Discount) |
40.6 |
200 |
|
|
Branch |
Bourbonnais, IL |
United States |
Retail (Department and Discount) |
42.6 |
188 |
|
|
Branch |
Springfield, IL |
United States |
Retail (Department and Discount) |
40.8 |
180 |
|
|
Branch |
Joliet, IL |
United States |
Retail (Department and Discount) |
40.8 |
180 |
|
|
Branch |
Wausau, WI |
United States |
Retail (Department and Discount) |
34.6 |
175 |
|
|
Branch |
Dubuque, IA |
United States |
Retail (Department and Discount) |
33.9 |
175 |
|
|
Subsidiary |
York, PA |
United States |
Real Estate Operations |
|
175 |
|
|
Branch |
Bloomington, IL |
United States |
Retail (Department and Discount) |
38.5 |
170 |
|
|
Branch |
Vernon Hills, IL |
United States |
Retail (Department and Discount) |
38.5 |
170 |
|
|
Branch |
Rochester Hills, MI |
United States |
Retail (Department and Discount) |
34.5 |
170 |
|
|
Branch |
Bloomingdale, IL |
United States |
Retail (Department and Discount) |
37.4 |
165 |
|
|
Branch |
Madison, WI |
United States |
Retail (Department and Discount) |
32.6 |
165 |
|
|
Branch |
Schaumburg, IL |
United States |
Retail (Department and Discount) |
36.3 |
160 |
|
|
Branch |
Rockford, IL |
United States |
Retail (Department and Discount) |
36.3 |
160 |
|
|
Branch |
York, PA |
United States |
Retail (Department and Discount) |
34.8 |
160 |
|
|
Branch |
St Paul, MN |
United States |
Retail (Department and Discount) |
32.6 |
160 |
|
|
Branch |
Moline, IL |
United States |
Retail (Department and Discount) |
34.0 |
150 |
|
|
Branch |
Aurora, IL |
United States |
Retail (Department and Discount) |
34.0 |
150 |
|
|
Branch |
York, PA |
United States |
Retail (Department and Discount) |
32.6 |
150 |
|
|
Branch |
Harrisburg, PA |
United States |
Retail (Department and Discount) |
32.6 |
150 |
|
|
Branch |
Lincoln, NE |
United States |
Retail (Department and Discount) |
32.1 |
150 |
|
|
Branch |
Willmar, MN |
United States |
Retail (Department and Discount) |
30.5 |
150 |
|
|
Branch |
Mankato, MN |
United States |
Retail (Department and Discount) |
30.5 |
150 |
|
|
Branch |
Blaine, MN |
United States |
Retail (Department and Discount) |
30.5 |
150 |
|
|
Branch |
Muskegon, MI |
United States |
Retail (Department and Discount) |
30.4 |
150 |
|
|
Branch |
Appleton, WI |
United States |
Retail (Department and Discount) |
29.6 |
150 |
|
|
Branch |
Cedar Rapids, IA |
United States |
Retail (Department and Discount) |
29.1 |
150 |
|
|
Branch |
Stillwater, MN |
United States |
Retail (Department and Discount) |
29.5 |
145 |
|
|
Branch |
Quincy, IL |
United States |
Retail (Department and Discount) |
31.7 |
140 |
|
|
Branch |
Wilkes Barre, PA |
United States |
Retail (Department and Discount) |
28.2 |
130 |
|
|
Branch |
Kearney, NE |
United States |
Retail (Department and Discount) |
27.9 |
130 |
|
|
Branch |
Rochester, MN |
United States |
Retail (Department and Discount) |
26.5 |
130 |
|
|
Branch |
Kokomo, IN |
United States |
Retail (Department and Discount) |
18.2 |
130 |
|
|
Branch |
Rochester, NY |
United States |
Retail (Department and Discount) |
28.3 |
125 |
|
|
Branch |
Lockport, NY |
United States |
Retail (Department and Discount) |
28.3 |
125 |
|
|
Branch |
Bethlehem, PA |
United States |
Retail (Department and Discount) |
27.2 |
125 |
|
|
Branch |
Indiana, PA |
United States |
Retail (Department and Discount) |
27.2 |
125 |
|
|
Branch |
Hammond, IN |
United States |
Retail (Department and Discount) |
25.9 |
125 |
|
|
Branch |
Moorhead, MN |
United States |
Retail (Department and Discount) |
24.6 |
121 |
|
|
Branch |
Grand Junction, CO |
United States |
Retail (Department and Discount) |
26.4 |
120 |
|
|
Branch |
Aberdeen, SD |
United States |
Retail (Department and Discount) |
25.3 |
120 |
|
|
Branch |
Marquette, MI |
United States |
Retail (Department and Discount) |
24.3 |
120 |
|
|
Branch |
Benton Harbor, MI |
United States |
Retail (Department and Discount) |
24.3 |
120 |
|
|
Branch |
Bay City, MI |
United States |
Retail (Department and Discount) |
23.5 |
116 |
|
|
Branch |
Scranton, PA |
United States |
Retail (Department and Discount) |
23.9 |
110 |
|
|
Branch |
Johnstown, PA |
United States |
Retail (Department and Discount) |
23.9 |
110 |
|
|
Branch |
Dayton, OH |
United States |
Retail (Department and Discount) |
22.6 |
110 |
|
|
Subsidiary |
Danville, IL |
United States |
Retail (Department and Discount) |
24.5 |
108 |
|
|
Branch |
Greensburg, PA |
United States |
Retail (Department and Discount) |
22.8 |
105 |
|
|
Branch |
Huber Heights, OH |
United States |
Retail (Department and Discount) |
21.4 |
104 |
|
|
Branch |
Peru, IL |
United States |
Retail (Department and Discount) |
23.3 |
103 |
|
|
Branch |
Columbus, IN |
United States |
Retail (Department and Discount) |
21.1 |
102 |
|
|
Branch |
Great Falls, MT |
United States |
Retail (Department and Discount) |
22.0 |
101 |
|
|
Branch |
Fairborn, OH |
United States |
Miscellaneous Capital Goods |
234.4 |
100 |
|
|
Branch |
Rock Springs, WY |
United States |
Retail (Department and Discount) |
24.5 |
100 |
|
|
Branch |
Machesney Park, IL |
United States |
Retail (Department and Discount) |
22.7 |
100 |
|
|
Branch |
Buffalo, NY |
United States |
Retail (Department and Discount) |
22.6 |
100 |
|
|
Branch |
Syracuse, NY |
United States |
Retail (Department and Discount) |
22.6 |
100 |
|
|
Branch |
Uniontown, PA |
United States |
Retail (Department and Discount) |
21.7 |
100 |
|
|
Branch |
Carlisle, PA |
United States |
Retail (Department and Discount) |
21.7 |
100 |
|
|
Branch |
Rapid City, SD |
United States |
Retail (Department and Discount) |
21.1 |
100 |
|
|
Branch |
Michigan City, IN |
United States |
Retail (Department and Discount) |
20.7 |
100 |
|
|
Branch |
Anderson, IN |
United States |
Retail (Department and Discount) |
20.7 |
100 |
|
|
Branch |
Northwood, OH |
United States |
Retail (Department and Discount) |
20.5 |
100 |
|
|
Branch |
Wooster, OH |
United States |
Retail (Department and Discount) |
20.5 |
100 |
|
|
Branch |
Brainerd, MN |
United States |
Retail (Department and Discount) |
20.3 |
100 |
|
|
Branch |
Alexandria, MN |
United States |
Retail (Department and Discount) |
20.3 |
100 |
|
|
Branch |
Jackson, MI |
United States |
Retail (Department and Discount) |
20.3 |
100 |
|
|
Branch |
Okemos, MI |
United States |
Retail (Department and Discount) |
20.3 |
100 |
|
|
Branch |
South Burlington, VT |
United States |
Retail (Department and Discount) |
20.2 |
100 |
|
|
Branch |
Brick, NJ |
United States |
Retail (Department and Discount) |
20.1 |
100 |
|
|
Branch |
Galesburg, IL |
United States |
Retail (Department and Discount) |
19.9 |
100 |
|
|
Branch |
Glendale, WI |
United States |
Retail (Department and Discount) |
19.8 |
100 |
|
|
Branch |
Janesville, WI |
United States |
Retail (Department and Discount) |
19.8 |
100 |
|
|
Branch |
Waterloo, IA |
United States |
Retail (Department and Discount) |
19.4 |
100 |
|
|
Branch |
Wyoming, PA |
United States |
Retail (Department and Discount) |
18.5 |
100 |
|
|
Branch |
Concord, NH |
United States |
Retail (Department and Discount) |
22.3 |
99 |
|
|
Branch |
Terre Haute, IN |
United States |
Retail (Department and Discount) |
19.7 |
95 |
|
|
Branch |
Indianapolis, IN |
United States |
Retail (Department and Discount) |
19.7 |
95 |
|
|
Branch |
West Seneca, NY |
United States |
Retail (Department and Discount) |
20.8 |
92 |
|
|
Branch |
Whitehall, PA |
United States |
Miscellaneous Capital Goods |
223.1 |
90 |
|
|
Branch |
Johnson City, NY |
United States |
Retail (Department and Discount) |
20.4 |
90 |
|
|
Branch |
Warren, PA |
United States |
Retail (Department and Discount) |
19.6 |
90 |
|
|
Branch |
Frackville, PA |
United States |
Retail (Department and Discount) |
19.6 |
90 |
|
|
Branch |
Quakertown, PA |
United States |
Retail (Department and Discount) |
19.6 |
90 |
|
|
Branch |
Bismarck, ND |
United States |
Retail (Department and Discount) |
18.8 |
90 |
|
|
Branch |
Virginia, MN |
United States |
Retail (Department and Discount) |
18.3 |
90 |
|
|
Branch |
Midland, MI |
United States |
Retail (Department and Discount) |
18.3 |
90 |
|
|
Branch |
Cedar Rapids, IA |
United States |
Retail (Department and Discount) |
16.5 |
90 |
|
|
Branch |
Naperville, IL |
United States |
Retail (Department and Discount) |
19.9 |
88 |
|
|
Branch |
Norridge, IL |
United States |
Retail (Department and Discount) |
19.9 |
88 |
|
|
Branch |
Bloomington, IL |
United States |
Retail (Department and Discount) |
19.9 |
88 |
|
|
Branch |
Lombard, IL |
United States |
Retail (Department and Discount) |
19.9 |
88 |
|
|
Branch |
Champaign, IL |
United States |
Retail (Department and Discount) |
19.9 |
88 |
|
|
Branch |
Norridge, IL |
United States |
Retail (Department and Discount) |
19.9 |
88 |
|
|
Branch |
Calumet City, IL |
United States |
Retail (Department and Discount) |
19.9 |
88 |
|
|
Branch |
Aurora, IL |
United States |
Retail (Department and Discount) |
19.9 |
88 |
|
|
Branch |
Bismarck, ND |
United States |
Retail (Department and Discount) |
18.4 |
88 |
|
|
Branch |
Jasper, IN |
United States |
Retail (Department and Discount) |
18.2 |
88 |
|
|
Branch |
Kokomo, IN |
United States |
Retail (Department and Discount) |
18.2 |
88 |
|
|
Branch |
Dayton, OH |
United States |
Retail (Department and Discount) |
18.1 |
88 |
|
|
Branch |
Alliance, OH |
United States |
Retail (Department and Discount) |
18.1 |
88 |
|
|
Branch |
Marion, OH |
United States |
Retail (Department and Discount) |
18.1 |
88 |
|
|
Branch |
Frankfort, KY |
United States |
Retail (Department and Discount) |
18.1 |
88 |
|
|
Branch |
Edina, MN |
United States |
Retail (Department and Discount) |
17.9 |
88 |
|
|
Branch |
Howell, MI |
United States |
Retail (Department and Discount) |
17.8 |
88 |
|
|
Branch |
Clinton Twp, MI |
United States |
Retail (Department and Discount) |
17.8 |
88 |
|
|
Branch |
Howell, MI |
United States |
Retail (Department and Discount) |
17.8 |
88 |
|
|
Branch |
Monroe, MI |
United States |
Retail (Department and Discount) |
17.8 |
88 |
|
|
Branch |
Brookfield, WI |
United States |
Retail (Department and Discount) |
17.4 |
88 |
|
|
Branch |
Marshfield, WI |
United States |
Retail (Department and Discount) |
17.4 |
88 |
|
|
Branch |
Oneida, WI |
United States |
Retail (Department and Discount) |
17.4 |
88 |
|
|
Branch |
Plover, WI |
United States |
Retail (Department and Discount) |
17.4 |
88 |
|
|
Branch |
Superior, WI |
United States |
Retail (Department and Discount) |
17.4 |
88 |
|
|
Branch |
Superior, WI |
United States |
Retail (Specialty) |
17.3 |
88 |
|
|
Branch |
Parkersburg, WV |
United States |
Retail (Department and Discount) |
17.2 |
88 |
|
|
Branch |
Bridgeport, WV |
United States |
Retail (Department and Discount) |
17.2 |
88 |
|
|
Branch |
Cedar Rapids, IA |
United States |
Retail (Department and Discount) |
17.1 |
88 |
|
|
Branch |
Minot, ND |
United States |
Retail (Department and Discount) |
18.2 |
87 |
|
|
Branch |
Hamden, CT |
United States |
Retail (Department and Discount) |
19.8 |
85 |
|
|
Branch |
Lincolnwood, IL |
United States |
Retail (Department and Discount) |
19.3 |
85 |
|
|
Branch |
Bloomington, IL |
United States |
Retail (Department and Discount) |
19.3 |
85 |
|
|
Branch |
Rockford, IL |
United States |
Retail (Department and Discount) |
19.3 |
85 |
|
|
Branch |
Carpentersville, IL |
United States |
Retail (Department and Discount) |
19.3 |
85 |
|
|
Branch |
Olean, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Newburgh, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Camillus, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Niagara Falls, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Victor, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Johnson City, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Syracuse, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Massena, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Buffalo, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Olean, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Massena, NY |
United States |
Retail (Department and Discount) |
19.2 |
85 |
|
|
Branch |
Selinsgrove, PA |
United States |
Retail (Department and Discount) |
18.5 |
85 |
|
|
Branch |
Scranton, PA |
United States |
Retail (Department and Discount) |
18.5 |
85 |
|
|
Branch |
Uniontown, PA |
United States |
Retail (Department and Discount) |
18.5 |
85 |
|
|
Branch |
Johnstown, PA |
United States |
Retail (Department and Discount) |
18.5 |
85 |
|
|
Branch |
Wilkes Barre, PA |
United States |
Retail (Department and Discount) |
18.5 |
85 |
|
|
Branch |
York, PA |
United States |
Retail (Department and Discount) |
18.5 |
85 |
|
|
Branch |
Rapid City, SD |
United States |
Retail (Department and Discount) |
17.9 |
85 |
|
|
Branch |
Sioux Falls, SD |
United States |
Retail (Department and Discount) |
17.9 |
85 |
|
|
Branch |
Richmond, IN |
United States |
Retail (Department and Discount) |
17.6 |
85 |
|
|
Branch |
Kokomo, IN |
United States |
Retail (Department and Discount) |
17.6 |
85 |
|
|
Branch |
Beavercreek, OH |
United States |
Retail (Department and Discount) |
17.5 |
85 |
|
|
Branch |
Marion, OH |
United States |
Retail (Department and Discount) |
17.5 |
85 |
|
|
Branch |
Albert Lea, MN |
United States |
Retail (Department and Discount) |
17.3 |
85 |
|
|
Branch |
Alexandria, MN |
United States |
Retail (Department and Discount) |
17.3 |
85 |
|
|
Branch |
Traverse City, MI |
United States |
Retail (Department and Discount) |
17.2 |
85 |
|
|
Branch |
Bay City, MI |
United States |
Retail (Department and Discount) |
17.2 |
85 |
|
|
Branch |
Superior, WI |
United States |
Retail (Department and Discount) |
16.8 |
85 |
|
|
Branch |
Beaver Dam, WI |
United States |
Retail (Department and Discount) |
16.8 |
85 |
|
|
Branch |
Glendale, WI |
United States |
Retail (Department and Discount) |
16.8 |
85 |
|
|
Branch |
Charleston, WV |
United States |
Retail (Department and Discount) |
16.6 |
85 |
|
|
Branch |
Teays, WV |
United States |
Retail (Department and Discount) |
16.6 |
85 |
|
|
Branch |
Hagerstown, MD |
United States |
Retail (Department and Discount) |
18.6 |
83 |
|
|
Branch |
Sheboygan, WI |
United States |
Retail (Department and Discount) |
16.4 |
83 |
|
|
Branch |
Stroudsburg, PA |
United States |
Retail (Department and Discount) |
17.8 |
82 |
|
|
Branch |
Westfield, MA |
United States |
Retail (Department and Discount) |
17.5 |
82 |
|
|
Branch |
Norfolk, NE |
United States |
Retail (Department and Discount) |
17.4 |
81 |
|
|
Branch |
Eau Claire, WI |
United States |
Retail (Department and Discount) |
16.0 |
81 |
|
|
Branch |
Brick, NJ |
United States |
Retail (Department and Discount) |
19.0 |
80 |
|
|
Branch |
Grand Island, NE |
United States |
Retail (Department and Discount) |
18.9 |
80 |
|
|
Branch |
Sterling, IL |
United States |
Retail (Department and Discount) |
18.1 |
80 |
|
|
Branch |
Buffalo, NY |
United States |
Retail (Department and Discount) |
18.1 |
80 |
|
|
Branch |
Cranberry, PA |
United States |
Retail (Department and Discount) |
17.4 |
80 |
|
|
Branch |
Bloomsburg, PA |
United States |
Retail (Department and Discount) |
17.4 |
80 |
|
|
Branch |
Scottsbluff, NE |
United States |
Retail (Department and Discount) |
17.1 |
80 |
|
|
Branch |
Fort Dodge, IA |
United States |
Retail (Department and Discount) |
17.1 |
80 |
|
|
Branch |
Lima, OH |
United States |
Retail (Department and Discount) |
16.4 |
80 |
|
|
Branch |
New Philadelphia, OH |
United States |
Retail (Department and Discount) |
16.4 |
80 |
|
|
Branch |
Bemidji, MN |
United States |
Retail (Department and Discount) |
16.3 |
80 |
|
|
Branch |
Adrian, MI |
United States |
Retail (Department and Discount) |
16.2 |
80 |
|
|
Branch |
La Crosse, WI |
United States |
Retail (Department and Discount) |
15.8 |
80 |
|
|
Branch |
Bridgeport, WV |
United States |
Retail (Department and Discount) |
15.6 |
80 |
|
|
Branch |
Ottumwa, IA |
United States |
Retail (Department and Discount) |
15.5 |
80 |
|
|
Branch |
Muncy, PA |
United States |
Retail (Department and Discount) |
16.7 |
77 |
|
|
Branch |
Holland, MI |
United States |
Retail (Department and Discount) |
15.6 |
77 |
|
|
Branch |
Parkersburg, WV |
United States |
Retail (Department and Discount) |
14.8 |
76 |
|
|
Branch |
West Burlington, IA |
United States |
Retail (Department and Discount) |
14.7 |
76 |
|
|
Branch |
Forsyth, IL |
United States |
Retail (Department and Discount) |
17.0 |
75 |
|
|
Branch |
Saratoga Springs, NY |
United States |
Retail (Department and Discount) |
17.0 |
75 |
|
|
Branch |
Lakewood, NY |
United States |
Retail (Department and Discount) |
17.0 |
75 |
|
|
Branch |
Kalispell, MT |
United States |
Retail (Department and Discount) |
16.4 |
75 |
|
|
Branch |
Butte, MT |
United States |
Retail (Department and Discount) |
16.4 |
75 |
|
|
Branch |
Chambersburg, PA |
United States |
Retail (Department and Discount) |
16.3 |
75 |
|
|
Branch |
Elkhart, IN |
United States |
Retail (Department and Discount) |
15.5 |
75 |
|
|
Branch |
Lancaster, OH |
United States |
Retail (Department and Discount) |
15.4 |
75 |
|
|
Branch |
Middletown, OH |
United States |
Retail (Department and Discount) |
15.4 |
75 |
|
|
Branch |
Traverse City, MI |
United States |
Retail (Department and Discount) |
15.2 |
75 |
|
|
Branch |
Fort Gratiot, MI |
United States |
Retail (Department and Discount) |
15.2 |
75 |
|
|
Branch |
Monroe, MI |
United States |
Retail (Department and Discount) |
15.2 |
75 |
|
|
Branch |
Rice Lake, WI |
United States |
Retail (Department and Discount) |
14.8 |
75 |
|
|
Branch |
Fond Du Lac, WI |
United States |
Retail (Department and Discount) |
14.8 |
75 |
|
|
Branch |
Morgantown, WV |
United States |
Retail (Department and Discount) |
14.6 |
75 |
|
|
Branch |
Ames, IA |
United States |
Retail (Department and Discount) |
14.5 |
75 |
|
|
Branch |
Fergus Falls, MN |
United States |
Retail (Specialty) |
16.0 |
70 |
|
|
Branch |
Pekin, IL |
United States |
Retail (Department and Discount) |
15.9 |
70 |
|
|
Branch |
Cumberland, MD |
United States |
Retail (Department and Discount) |
15.7 |
70 |
|
|
Branch |
Hanover, PA |
United States |
Retail (Department and Discount) |
15.2 |
70 |
|
|
Branch |
Easton, PA |
United States |
Retail (Department and Discount) |
15.2 |
70 |
|
|
Branch |
Allentown, PA |
United States |
Retail (Department and Discount) |
15.2 |
70 |
|
|
Branch |
Du Bois, PA |
United States |
Retail (Department and Discount) |
15.2 |
70 |
|
|
Branch |
Findlay, OH |
United States |
Retail (Department and Discount) |
14.4 |
70 |
|
|
Branch |
Bowling Green, OH |
United States |
Retail (Department and Discount) |
14.4 |
70 |
|
|
Branch |
West Bend, WI |
United States |
Retail (Department and Discount) |
13.8 |
70 |
|
|
Branch |
Barboursville, WV |
United States |
Retail (Department and Discount) |
13.6 |
70 |
|
|
Branch |
Washington, PA |
United States |
Retail (Department and Discount) |
14.8 |
68 |
|
|
Branch |
Missoula, MT |
United States |
Retail (Department and Discount) |
14.4 |
66 |
|
|
Branch |
Charleston, WV |
United States |
Retail (Department and Discount) |
12.9 |
66 |
|
|
Branch |
Watertown, SD |
United States |
Retail (Department and Discount) |
18.6 |
65 |
|
|
Branch |
Dekalb, IL |
United States |
Retail (Department and Discount) |
14.7 |
65 |
|
|
Branch |
State College, PA |
United States |
Retail (Department and Discount) |
14.1 |
65 |
|
|
Branch |
Doylestown, PA |
United States |
Retail (Department and Discount) |
14.1 |
65 |
|
|
Branch |
Trexlertown, PA |
United States |
Retail (Department and Discount) |
14.1 |
65 |
|
|
Branch |
Hastings, NE |
United States |
Retail (Department and Discount) |
13.9 |
65 |
|
|
Branch |
St Clairsville, OH |
United States |
Retail (Department and Discount) |
13.4 |
65 |
|
|
Branch |
Piqua, OH |
United States |
Retail (Department and Discount) |
13.4 |
65 |
|
|
Branch |
Beloit, WI |
United States |
Retail (Department and Discount) |
12.8 |
65 |
|
|
Branch |
Plover, WI |
United States |
Retail (Department and Discount) |
12.8 |
65 |
|
|
Branch |
Wisconsin Rapids, WI |
United States |
Retail (Department and Discount) |
12.8 |
65 |
|
|
Branch |
Martinsburg, WV |
United States |
Retail (Department and Discount) |
12.7 |
65 |
|
|
Branch |
Hurricane, WV |
United States |
Retail (Department and Discount) |
12.7 |
65 |
|
|
Branch |
Marshalltown, IA |
United States |
Retail (Department and Discount) |
12.6 |
65 |
|
|
Branch |
Ithaca, NY |
United States |
Retail (Department and Discount) |
13.6 |
60 |
|
|
Branch |
Horseheads, NY |
United States |
Retail (Department and Discount) |
13.6 |
60 |
|
|
Branch |
Billings, MT |
United States |
Retail (Department and Discount) |
13.1 |
60 |
|
|
Branch |
Havre, MT |
United States |
Retail (Department and Discount) |
13.1 |
60 |
|
|
Branch |
Butler, PA |
United States |
Retail (Department and Discount) |
13.0 |
60 |
|
|
Subsidiary |
Warsaw, IN |
United States |
Retail (Department and Discount) |
12.4 |
60 |
|
|
Branch |
Defiance, OH |
United States |
Retail (Department and Discount) |
12.3 |
60 |
|
|
Branch |
Kettering, OH |
United States |
Retail (Department and Discount) |
12.3 |
60 |
|
|
Branch |
Zanesville, OH |
United States |
Retail (Department and Discount) |
12.3 |
60 |
|
|
Branch |
Marinette, WI |
United States |
Retail (Department and Discount) |
11.9 |
60 |
|
|
Branch |
Sioux City, IA |
United States |
Retail (Department and Discount) |
11.4 |
59 |
|
|
Branch |
Lewistown, PA |
United States |
Retail (Department and Discount) |
12.6 |
58 |
|
|
Branch |
North Platte, NE |
United States |
Retail (Department and Discount) |
12.4 |
58 |
|
|
Branch |
Manitowoc, WI |
United States |
Retail (Department and Discount) |
11.1 |
56 |
|
|
Branch |
Heath, OH |
United States |
Retail (Department and Discount) |
11.3 |
55 |
|
|
Branch |
Athens, OH |
United States |
Retail (Department and Discount) |
11.3 |
55 |
|
|
Branch |
Ashland, KY |
United States |
Retail (Department and Discount) |
11.3 |
55 |
|
|
Branch |
Dickinson, ND |
United States |
Retail (Department and Discount) |
10.9 |
52 |
|
|
Branch |
Austin, MN |
United States |
Retail (Department and Discount) |
10.6 |
52 |
|
|
Branch |
Mattoon, IL |
United States |
Retail (Department and Discount) |
11.3 |
50 |
|
|
Branch |
Latham, NY |
United States |
Retail (Department and Discount) |
11.3 |
50 |
|
|
Branch |
Massena, NY |
United States |
Retail (Department and Discount) |
11.3 |
50 |
|
|
Branch |
Watertown, NY |
United States |
Retail (Department and Discount) |
11.3 |
50 |
|
|
Branch |
Queensbury, NY |
United States |
Retail (Department and Discount) |
11.3 |
50 |
|
|
Branch |
Erie, PA |
United States |
Retail (Department and Discount) |
10.9 |
50 |
|
|
Branch |
Sandusky, OH |
United States |
Retail (Department and Discount) |
10.3 |
50 |
|
|
Branch |
Paducah, KY |
United States |
Retail (Department and Discount) |
10.3 |
50 |
|
|
Branch |
Duluth, MN |
United States |
Retail (Department and Discount) |
10.2 |
50 |
|
|
Branch |
New Ulm, MN |
United States |
Retail (Department and Discount) |
10.2 |
50 |
|
|
Branch |
Coldwater, MI |
United States |
Retail (Department and Discount) |
10.1 |
50 |
|
|
Branch |
Superior, WI |
United States |
Retail (Department and Discount) |
9.9 |
50 |
|
|
Branch |
Sheboygan Falls, WI |
United States |
Retail (Department and Discount) |
9.9 |
50 |
|
|
Branch |
Brookfield, WI |
United States |
Retail (Specialty) |
10.0 |
47 |
|
|
Branch |
Beckley, WV |
United States |
Retail (Department and Discount) |
8.8 |
45 |
|
|
Branch |
Marion, IN |
United States |
Retail (Department and Discount) |
8.3 |
40 |
|
|
Branch |
Muncie, IN |
United States |
Retail (Department and Discount) |
8.3 |
40 |
|
|
Branch |
Muscatine, IA |
United States |
Retail (Department and Discount) |
7.8 |
40 |
|
|
Branch |
Sturgeon Bay, WI |
United States |
Retail (Department and Discount) |
6.3 |
32 |
|
|
Branch |
Schaumburg, IL |
United States |
Retail (Specialty) |
7.4 |
30 |
|
|
Branch |
Chicago, IL |
United States |
Retail (Department and Discount) |
4.8 |
21 |
|
|
Branch |
Lancaster, PA |
United States |
Retail (Specialty) |
4.7 |
20 |
|
|
Branch |
Green Bay, WI |
United States |
Retail (Specialty) |
4.3 |
20 |
|
|
Branch |
Norton Shores, MI |
United States |
Retail (Department and Discount) |
4.1 |
20 |
|
|
Branch |
Dayton, OH |
United States |
Retail (Specialty) |
3.3 |
15 |
|
|
Branch |
Lansing, MI |
United States |
Retail (Department and Discount) |
2.4 |
12 |
|
|
Branch |
Wauwatosa, WI |
United States |
Retail (Department and Discount) |
2.4 |
12 |
|
|
Branch |
Rockford, IL |
United States |
Miscellaneous Capital Goods |
25.8 |
10 |
|
|
Branch |
Davenport, IA |
United States |
Retail (Department and Discount) |
1.6 |
8 |
|
|
Branch |
Uniontown, PA |
United States |
Personal Services |
0.3 |
7 |
|
|
Branch |
Cedar Rapids, IA |
United States |
Retail (Department and Discount) |
1.2 |
6 |
|
|
Branch |
Vernon Hills, IL |
United States |
Retail (Specialty) |
1.2 |
5 |
|
|
Branch |
West Dundee, IL |
United States |
Retail (Department and Discount) |
1.1 |
5 |
|
|
Branch |
Mason City, IA |
United States |
Retail (Department and Discount) |
1.0 |
5 |
|
|
Branch |
Chillicothe, OH |
United States |
Personal Services |
0.2 |
5 |
|
|
Branch |
Des Moines, IA |
United States |
Retail (Department and Discount) |
0.8 |
4 |
|
|
Branch |
Hagerstown, MD |
United States |
Personal Services |
0.2 |
4 |
|
|
Branch |
Trexlertown, PA |
United States |
Personal Services |
0.2 |
4 |
|
|
Branch |
Muncy, PA |
United States |
Personal Services |
0.2 |
4 |
|
|
Branch |
Camp Hill, PA |
United States |
Personal Services |
0.2 |
4 |
|
|
Branch |
Barboursville, WV |
United States |
Personal Services |
0.2 |
4 |
|
|
Branch |
Fargo, ND |
United States |
Personal Services |
0.1 |
4 |
|
|
Branch |
Naperville, IL |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Orland Park, IL |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Phillipsburg, NJ |
United States |
Retail (Department and Discount) |
0.7 |
3 |
|
|
Branch |
Evergreen Park, IL |
United States |
Retail (Department and Discount) |
0.7 |
3 |
|
|
Branch |
Peoria, IL |
United States |
Retail (Department and Discount) |
0.7 |
3 |
|
|
Branch |
Beavercreek, OH |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Donora, PA |
United States |
Retail (Department and Discount) |
0.7 |
3 |
|
|
Branch |
Chillicothe, OH |
United States |
Retail (Department and Discount) |
0.6 |
3 |
|
|
Branch |
Phillipsburg, NJ |
United States |
Personal Services |
0.1 |
3 |
|
|
Branch |
Marshfield, WI |
United States |
Personal Services |
0.1 |
3 |
|
|
Branch |
Riverside, IL |
United States |
Retail (Department and Discount) |
0.5 |
2 |
|
|
Branch |
Des Moines, IA |
United States |
Retail (Department and Discount) |
0.4 |
2 |
|
|
Branch |
York, PA |
United States |
Personal Services |
0.1 |
2 |
|
|
Subsidiary |
Wilmington, DE |
United States |
Miscellaneous Financial Services |
1.4 |
1 |
|
|
Branch |
Carlisle, PA |
United States |
Personal Services |
0.0 |
1 |
|
|
Subsidiary |
York, PA |
United States |
Business Services |
|
|
|
|
Subsidiary |
Dayton, OH |
United States |
Consumer Financial Services |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Belk Inc |
Charlotte, North Carolina, United States |
23,800 |
Public |
|
Boscov's Department Store, LLC |
Reading, Pennsylvania, United States |
12,000 |
Private |
|
Dillard's, Inc. |
Little Rock, Arkansas, United States |
27,740 |
Public |
|
J.C. Penney Company, Inc. |
Plano, Texas, United States |
116,000 |
Public |
|
Kmart Corporation |
Hoffman Estates, Illinois, United States |
133,000 |
Private |
|
Kohl's Corporation |
Menomonee Falls, Wisconsin, United States |
30,000 |
Public |
|
Macy's, Inc. |
Cincinnati, Ohio, United States |
175,700 |
Public |
|
Saks Inc |
New York, New York, United States |
10,425 |
Public |
|
Sam's Club |
Bentonville, Arkansas, United States |
3,500 |
Private |
|
Sears Canada Inc |
Toronto, Ontario, Canada |
11,240 |
Public |
|
Sears Holdings Corp |
Hoffman Estates, Illinois, United States |
274,000 |
Public |
|
Target Corporation |
Minneapolis, Minnesota, United States |
361,000 |
Public |
|
Wal-Mart Stores, Inc. |
Bentonville, Arkansas, United States |
2,200,000 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
||||||||||||
|
Chairman |
Chairman |
|
||||||||||||
|
|||||||||||||||
|
Chairman Emeritus of the Board |
Chairman |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Lead Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Board Member |
Director/Board Member |
|
|
|||||||||||
|
President, Chief Executive Officer, Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
President, Chief Executive Officer,
Director |
Chief Executive Officer |
|
|||||||||
|
||||||||||||
|
SVP & General Merchandise Manager - Center Core & Children's |
Operations Executive |
|
|
||||||||
|
Director Operations |
Operations Executive |
|
|
||||||||
|
Lead Database Analyst Store Operations |
Operations Executive |
|
|
||||||||
|
Senior Vice President, Marketing and Administrative Services |
Administration Executive |
|
|
||||||||
|
Vice President, General Counsel & Secretary |
Administration Executive |
|
|
||||||||
|
Senior Vice President-Risk Management, Credit & Treasurer |
Finance Executive |
|
|
||||||||
|
Manager Financial Reporting |
Finance Executive |
|
|
||||||||
|
Manager, Finance Executive, Sales Executive |
Finance Executive |
|
|
||||||||
|
Finance Executive |
Finance Executive |
|
|
||||||||
|
Deputy Vice President Credit Marketing |
Finance Executive |
|
|
||||||||
|
Manager Finance Executive Sales Execut... |
Finance Executive |
|
|
||||||||
|
Manager Finance Executive Sales Execut... |
Finance Executive |
|
|
||||||||
|
Finance Manager |
Finance Executive |
|
|
||||||||
|
Chief Financial Officer, Executive Vice President - Finance, Principal
Accounting Officer |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Manager Finance Executive Sales Executive |
Finance Executive |
|
|
||||||||
|
Manager, Finance Executive, Sales Executive |
Finance Executive |
|
|
||||||||
|
Post Audit Specialist |
Accounting Executive |
|
|
||||||||
|
Chief Accounting Officer, Vice President, Principal Accounting Officer |
Accounting Executive |
|
|
||||||||
|
||||||||||||
|
Tax Director |
Corporate Tax Executive |
|
|
||||||||
|
Senior Tax Specialist |
Corporate Tax Executive |
|
|
||||||||
|
Payroll Manager |
Benefits & Compensation Executive |
|
|
||||||||
|
Director Benefits |
Benefits & Compensation Executive |
|
|
||||||||
|
Director Benefits |
Benefits & Compensation Executive |
|
|
||||||||
|
Corporate Recruiter |
Human Resources Executive |
|
|
||||||||
|
Executive Vice President - Human Resources, Information Systems,
Corporate Procurement & Logistics |
Human Resources Executive |
|
|
||||||||
|
||||||||||||
|
Senior Vice President-Compensation & Benefits |
Human Resources Executive |
|
|
||||||||
|
Director-Human Resources |
Human Resources Executive |
|
|
||||||||
|
Manager Human Resource |
Human Resources Executive |
|
|
||||||||
|
Human Resources Manager |
Human Resources Executive |
|
|
||||||||
|
Director-Human Resources |
Human Resources Executive |
|
|
||||||||
|
Human Resources Manager |
Human Resources Executive |
|
|
||||||||
|
Vice President Human Resources |
Human Resources Executive |
|
|
||||||||
|
Director Organizational Devel and Corporate Training |
Training Executive |
|
|
||||||||
|
Training Manager |
Training Executive |
|
|
||||||||
|
End User Customer Support |
Customer Service Executive |
|
|
||||||||
|
Sales and Marketing Manager |
Sales Executive |
|
|
||||||||
|
Sales Manager |
Sales Executive |
|
|
||||||||
|
Senior Vice President |
Sales Executive |
|
|
||||||||
|
Sales Executive |
Sales Executive |
|
|
||||||||
|
Sales Manager |
Sales Executive |
|
|
||||||||
|
Sales Manager |
Sales Executive |
|
|
||||||||
|
Senior Vice President Sales Promo and Marketing |
Sales Executive |
|
|
||||||||
|
Director of International Logistics and Customs |
International Executive |
|
|
||||||||
|
Director Ecommerce |
E-Commerce Executive |
|
|
||||||||
|
Director E-Commerce |
E-Commerce Executive |
|
|
||||||||
|
Executive Vice President, Chief Marketing Officer |
Marketing Executive |
|
|
||||||||
|
||||||||||||
|
Vice President Marketing |
Marketing Executive |
|
|
||||||||
|
Marketing Manager |
Marketing Executive |
|
|
||||||||
|
Marketing Director |
Marketing Executive |
|
|
||||||||
|
Voice Communication |
Corporate Communications Executive |
|
|
||||||||
|
Vice President-Investor & Public Relations |
Corporate Communications Executive |
|
|
||||||||
|
Creative Director |
Advertising Executive |
|
|
||||||||
|
Art Director |
Advertising Executive |
|
|
||||||||
|
Vice President of Application Systems |
Information Executive |
|
|
||||||||
|
Information Systems, Information Technology Technology Professional |
Information Executive |
|
|
||||||||
|
Director of Applications Development |
Information Executive |
|
|
||||||||
|
Vice President of Information Technology |
Information Executive |
|
|
||||||||
|
Chief Information Officer |
Information Executive |
|
|
||||||||
|
||||||||||||
|
Manager, Network Services |
Network Management Executive |
|
|
||||||||
|
Senior Network Technologies Analyst |
Network Management Executive |
|
|
||||||||
|
Network Services |
Network Management Executive |
|
|
||||||||
|
Technical Designer Manager |
Engineering/Technical Executive |
|
|
||||||||
|
Technical Services Manager |
Engineering/Technical Executive |
|
|
||||||||
|
Manager, Database & Messaging Services |
Engineering/Technical Executive |
|
|
||||||||
|
Server Technologies Analyst |
Engineering/Technical Executive |
|
|
||||||||
|
||||||||||||
|
Product Manager Ruff Hewn Mens |
Product Management Executive |
|
|
||||||||
|
Vice President of Private Brands |
Product Management Executive |
|
|
||||||||
|
Manager of Facilities Planning |
Planning Executive |
|
|
||||||||
|
Director of Expense Planning and Control |
Planning Executive |
|
|
||||||||
|
Dvp Planning |
Planning Executive |
|
|
||||||||
|
Bonton Furniture Vendor Compliance Manager |
Legal Executive |
|
|
||||||||
|
Vice President & Associate General Counsel |
Legal Executive |
|
|
||||||||
|
Director Distribution |
Logistics Executive |
|
|
||||||||
|
Buyer, Young Mens |
Merchandise Management Executive |
|
|
||||||||
|
||||||||||||
|
Assistant Buyer-Outerwear |
Merchandise Management Executive |
|
|
||||||||
|
Buyer |
Merchandise Management Executive |
|
|
||||||||
|
Area Store Manager |
Merchandise Management Executive |
|
|
||||||||
|
Store Manager |
Merchandise Management Executive |
|
|
||||||||
|
Buyer Misses Knits |
Merchandise Management Executive |
|
|
||||||||
|
Assistant Buyer Bon Ton |
Merchandise Management Executive |
|
|
||||||||
|
Buyer Misses |
Merchandise Management Executive |
|
|
||||||||
|
Buyer |
Merchandise Management Executive |
|
|
||||||||
|
Senior Vice President-Real Estate |
Facilities Executive |
|
|
||||||||
|
Procurement Manager |
Purchasing Executive |
|
|
||||||||
|
Director Quality Assurance and Complia... |
Quality Executive |
|
|
||||||||
|
Senior Vice President-Risk Management |
Insurance Executive |
|
|
||||||||
|
Partner, Corporate Practice Leader |
Partner |
|
|
||||||||
|
E-Learning Manager |
Educational Leadership |
|
|
||||||||
|
Special Events Manager Comm Involvement |
Meeting/Travel Planner |
|
|
||||||||
|
Event Planner |
Meeting/Travel Planner |
|
|
||||||||
|
Division Vice President-Corporate Purchasing |
Other |
|
|
||||||||
|
Vice President Application |
Other |
|
|
||||||||
|
Vice President Merchandising |
Other |
|
|
||||||||
|
|
||||||||||||
|
Executive Vice President - Stores, Visual & Loss Prevention |
Other |
|
|
||||||||
|
||||||||||||
|
Retirement Plans Manager |
Other |
|
|
||||||||
|
The Bon Ton |
Other |
|
|
||||||||
|
Media Manager Catalog, Collateral |
Other |
|
|
||||||||
|
Area Loss Prevention Manager |
Other |
|
|
||||||||
|
Energy Manager |
Other |
|
|
||||||||
|
Manager Photo Coordination |
Other |
|
|
||||||||
|
Senior Vice President |
Other |
|
|
||||||||
|
Staffing Analyst The Bon Ton Corporation |
Other |
|
|
||||||||
|
Assistant Director Special Events |
Other |
|
|
||||||||
|
Senior Microstrategy Consultant |
Other |
|
|
||||||||
|
Special Events Coordinator |
Other |
|
|
||||||||
|
Senior Vice President, Home Store |
Other |
|
|
||||||||
|
Manager, Rop Traffic |
Other |
|
|
||||||||
|
Program Director |
Other |
|
|
||||||||
|
Dvp, Director, Store Staffing |
Other |
|
|
||||||||
|
Internet Merchant Manager |
Other |
|
|
||||||||
|
Senior Vice President |
Other |
|
|
||||||||
|
Senior Vice President General Merch Manager, Mens |
Other |
|
|
||||||||
|
Contacttitle |
Other |
|
|
||||||||
|
Director Boys, Girls |
Other |
|
|
||||||||
|
Program Development Manager |
Other |
|
|
||||||||
|
Senior Vice President |
Other |
|
|
||||||||
|
Project Coordinator |
Other |
|
|
||||||||
Significant Developments
Bon-Ton Stores Inc Reaffirms FY 2013 Guidance May 23, 2013
Bon-Ton Stores Inc announced that for fiscal 2013, it expects adjusted EBITDA in a range of $180 million to $200 million, income per diluted share (EPS) in a range of $0.40-$1.00.
Bon-Ton Stores Inc Announces Quarterly Cash Dividend May 21, 2013
Bon-Ton Stores Inc announced that Board of Directors declared a cash dividend of 5 cents per share on the Class A Common Stock and Common Stock of the Company payable August 5, 2013 to shareholders of record as of July 19, 2013.
Bon-Ton Stores Inc Issues Q1 2013 EBITDA Guidance Above Analysts' Estimates; Reaffirms FY 2013 EBITDA Guidance May 13, 2013
Bon-Ton Stores Inc announced that for the first quarter of 2013, it expects adjusted EBITDA guidance in a range of $13 million to $17 million. For fiscal 2013, as previously disclosed, adjusted EBITDA guidance in a range of $180 million to $200 million. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EBITDA of $10 million for the first quarter of 2013; EBITDA of $187 million for fiscal 2013.
Bon-Ton Stores Inc Announces Quarterly Cash Dividend Mar 19, 2013
Bon-Ton Stores Inc announced the Board of Directors declared a cash dividend of $0.05 per share on the Class A Common Stock and Common Stock of the Company payable May 6, 2013 to shareholders of record as of April 19, 2013.
Bon-Ton Stores Inc Issues FY 2013 Earnings Guidance Above Analysts' Estimates;Comments On FY 2013 Comparable Same Store Sales Guidance Mar 12, 2013
Bon-Ton Stores Inc announced that for fiscal 2013, it expects adjusted EBITDA in a range of $180 million to $200 million, income per diluted share (EPS) in a range of $0.40-$1.00 and comparable store sales increase in a range of 2.0% to 3.5%. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EBITDA of $170 million and EPS of $(0.82) for fiscal 2013
Bon-Ton Stores Inc Lowers High End Of Prior FY 2012 EBITDA Guidance To A Range In Line With Analysts' Estimates; Lowers High End Of Prior FY 2012 EPS Guidance To A Range Below Analysts' Estimates Feb 07, 2013
Bon-Ton Stores Inc announced that it is tightening its fiscal 2012 guidance to reflect adjusted EBITDA in a range of $160 million to $175 million and loss per share (EPS) in a range of $(1.35) to $(0.60). According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EBITDA of $174 million and EPS of $0.09 for fiscal 2012.
Bon-Ton Stores Inc Announces Quarterly Cash Dividend Dec 04, 2012
Bon-Ton Stores Inc announced that it declared a cash dividend of $0.05 per share on the Class A Common Stock and Common Stock of the Company payable December 21, 2012 to shareholders of record as of December 14, 2012. The Bon-Ton Stores Inc Reaffirms FY 2012 Earnings Guidance Nov 15, 2012
Bon-Ton Stores Inc reaffirmed its fiscal 2012 guidance and expects Adjusted EBITDA in a range of $160 million to $190 million, for (loss) earnings per diluted share in a range of $(1.35) to $0.20. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $162 million and EPS of $(0.09) for fiscal 2012.
Bon-Ton Stores Inc Announces Quarterly Cash Dividend Aug 22, 2012
Bon-Ton Stores Inc announced that the Board of Directors declared a cash dividend of $0.05 per share on the Class A Common Stock and Common Stock of the Company payable November 1, 2012 to shareholders of record as of October 15, 2012.
Bon-Ton Stores Inc Reaffirms FY 2012 EBITDA Guidance; Lowers FY 2012 EPS Guidance; Raises FY 2012 Same Store Sales Guidance-Conference Call Aug 16, 2012
Bon-Ton Stores Inc announced that for fiscal 2012, it is reaffirming guidance for EBITDA to be in the range of $160-$190 million. The Company also announced that it is revising guidance for (loss) earnings per diluted share to a range of $(1.35) to $0.20 and comparable store sales in a range of Comparable store sales in a range of flat to 1.25%. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EBITDA of $160 million and EPS of $(0.16) for fiscal 2012.
Alliance Data Systems Corp's Business To Acquire $475 Million Private Label Credit Card Portfolio of Bon-Ton Stores Inc Jun 19, 2012
Alliance Data Systems Corp announced its Retail Services business has agreed to acquire the private label credit card portfolio of The Bon-Ton Stores Inc. As previously announced, Alliance Data will also manage the retailer's private label credit card program. The Bon-Ton Stores, Inc. operates 272 stores in 23 states across the Northeast, Midwest, and upper Great Plains, under the nameplates of Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, Younkers, and Parisian (in the Detroit area). A broad assortment of national- and private-brand fashion apparel and accessories, cosmetics and home furnishings are offered through Bon-Ton's stores and website, including its mobile-optimized e-commerce site. With corporate headquarters in York, PA, and Milwaukee, WI, The Bon-Ton Stores, Inc. was founded in 1898 and posted revenues of $2.95 billion in 2011. Under terms of the agreement, Alliance Data will purchase The Bon-Ton Stores' existing file of private label credit card accounts, acquiring a portfolio of approximately $475 million. Details of the purchase price were not disclosed, other than to note it is consistent with industry norms. The transaction is scheduled to close in the third calendar quarter of 2012.
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
02-Feb-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
53 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
2,978.8 |
2,953.5 |
3,046.5 |
3,034.9 |
3,225.4 |
|
Revenue |
2,978.8 |
2,953.5 |
3,046.5 |
3,034.9 |
3,225.4 |
|
Total Revenue |
2,978.8 |
2,953.5 |
3,046.5 |
3,034.9 |
3,225.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,873.9 |
1,847.4 |
1,860.2 |
1,862.2 |
2,035.0 |
|
Cost of Revenue, Total |
1,873.9 |
1,847.4 |
1,860.2 |
1,862.2 |
2,035.0 |
|
Gross Profit |
1,104.9 |
1,106.2 |
1,186.3 |
1,172.7 |
1,190.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
806.8 |
790.4 |
803.9 |
832.3 |
1,033.5 |
|
Advertising Expense |
129.3 |
145.6 |
138.8 |
131.4 |
- |
|
Total Selling/General/Administrative Expenses |
936.2 |
936.1 |
942.7 |
963.6 |
1,033.5 |
|
Depreciation |
88.3 |
95.0 |
102.2 |
111.6 |
117.4 |
|
Amortization of Intangibles |
4.7 |
4.7 |
4.6 |
4.9 |
4.9 |
|
Depreciation/Amortization |
93.0 |
99.8 |
106.8 |
116.5 |
122.2 |
|
Impairment-Assets Held for Use |
5.8 |
3.7 |
1.7 |
5.9 |
43.7 |
|
Other Unusual Expense (Income) |
8.5 |
-8.7 |
0.0 |
0.7 |
- |
|
Unusual Expense (Income) |
14.3 |
-5.0 |
1.7 |
6.6 |
43.7 |
|
Total Operating Expense |
2,917.3 |
2,878.2 |
2,911.3 |
2,948.9 |
3,234.4 |
|
|
|
|
|
|
|
|
Operating Income |
61.5 |
75.4 |
135.1 |
86.0 |
-9.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-83.1 |
-89.9 |
-113.0 |
-98.8 |
-98.8 |
|
Interest Capitalized -
Non-Operating |
0.2 |
0.2 |
0.4 |
0.2 |
0.4 |
|
Interest Expense, Net Non-Operating |
-82.9 |
-89.7 |
-112.6 |
-98.6 |
-98.4 |
|
Interest Income -
Non-Operating |
0.1 |
0.2 |
0.3 |
0.5 |
0.6 |
|
Interest/Investment Income - Non-Operating |
0.1 |
0.2 |
0.3 |
0.5 |
0.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
-82.8 |
-89.5 |
-112.3 |
-98.1 |
-97.8 |
|
Income Before Tax |
-21.3 |
-14.1 |
22.8 |
-12.1 |
-106.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.2 |
-2.0 |
1.4 |
-8.0 |
63.1 |
|
Income After Tax |
-21.6 |
-12.1 |
21.5 |
-4.1 |
-169.9 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
-21.6 |
-12.1 |
21.5 |
-4.1 |
-169.9 |
|
Net Income |
-21.6 |
-12.1 |
21.5 |
-4.1 |
-169.9 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
-1.4 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
-1.4 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
-21.6 |
-12.1 |
20.0 |
-4.1 |
-169.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-21.6 |
-12.1 |
20.0 |
-4.1 |
-169.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
18.5 |
18.1 |
17.6 |
17.0 |
16.8 |
|
Basic EPS Excl Extraord Items |
-1.16 |
-0.67 |
1.14 |
-0.24 |
-10.12 |
|
Basic/Primary EPS Incl Extraord Items |
-1.16 |
-0.67 |
1.14 |
-0.24 |
-10.12 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-21.6 |
-12.1 |
20.1 |
-4.1 |
-169.9 |
|
Diluted Weighted Average Shares |
18.5 |
18.1 |
17.9 |
17.0 |
16.8 |
|
Diluted EPS Excl Extraord Items |
-1.16 |
-0.67 |
1.12 |
-0.24 |
-10.12 |
|
Diluted EPS Incl Extraord Items |
-1.16 |
-0.67 |
1.12 |
-0.24 |
-10.12 |
|
Dividends per Share - Common Stock Primary Issue |
0.20 |
0.20 |
0.00 |
0.00 |
0.20 |
|
Gross Dividends - Common Stock |
3.9 |
3.8 |
0.0 |
0.0 |
3.5 |
|
Interest Expense, Supplemental |
82.9 |
89.7 |
112.6 |
98.6 |
98.4 |
|
Interest Capitalized, Supplemental |
-0.2 |
-0.2 |
-0.4 |
-0.2 |
-0.4 |
|
Depreciation, Supplemental |
88.3 |
95.0 |
102.2 |
109.2 |
114.6 |
|
Total Special Items |
14.3 |
-5.0 |
1.7 |
6.6 |
43.7 |
|
Normalized Income Before Tax |
-7.0 |
-19.2 |
24.6 |
-5.5 |
-63.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
5.0 |
-1.8 |
0.1 |
2.3 |
15.3 |
|
Inc Tax Ex Impact of Sp Items |
5.2 |
-3.8 |
1.5 |
-5.7 |
78.4 |
|
Normalized Income After Tax |
-12.3 |
-15.4 |
23.1 |
0.2 |
-141.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-12.3 |
-15.4 |
21.7 |
0.2 |
-141.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.66 |
-0.85 |
1.23 |
0.01 |
-8.43 |
|
Diluted Normalized EPS |
-0.66 |
-0.85 |
1.21 |
0.01 |
-8.43 |
|
Amort of Intangibles, Supplemental |
4.7 |
- |
- |
7.3 |
7.6 |
|
Rental Expenses |
90.2 |
92.0 |
94.2 |
100.9 |
99.8 |
|
Advertising Expense, Supplemental |
129.3 |
145.6 |
138.8 |
131.4 |
141.7 |
|
Normalized EBIT |
75.8 |
70.3 |
136.9 |
92.6 |
34.7 |
|
Normalized EBITDA |
168.8 |
165.4 |
239.1 |
209.1 |
156.9 |
|
Current Tax - Domestic |
0.0 |
0.0 |
0.0 |
-9.8 |
-39.2 |
|
Current Tax - Local |
-1.1 |
0.5 |
-0.3 |
-2.4 |
1.0 |
|
Current Tax - Total |
-1.2 |
0.5 |
-0.3 |
-12.2 |
-38.2 |
|
Deferred Tax - Domestic |
1.2 |
-1.9 |
1.3 |
4.0 |
83.3 |
|
Deferred Tax - Local |
0.2 |
-0.6 |
0.3 |
0.2 |
18.0 |
|
Deferred Tax - Total |
1.4 |
-2.5 |
1.6 |
4.2 |
101.3 |
|
Income Tax - Total |
0.2 |
-2.0 |
1.4 |
-8.0 |
63.1 |
|
Interest Cost - Domestic |
8.5 |
- |
- |
11.3 |
11.7 |
|
Service Cost - Domestic |
- |
- |
- |
0.0 |
0.2 |
|
Prior Service Cost - Domestic |
- |
- |
- |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
-8.6 |
- |
- |
-7.1 |
-12.3 |
|
Actuarial Gains and Losses - Domestic |
6.8 |
- |
- |
4.9 |
0.5 |
|
Curtailments & Settlements - Domestic |
- |
- |
- |
0.0 |
-0.2 |
|
Domestic Pension Plan Expense |
6.6 |
- |
- |
9.1 |
-0.1 |
|
Interest Cost - Post-Retirement |
0.1 |
- |
- |
0.4 |
0.4 |
|
Actuarial Gains and Losses - Post-Retir. |
-0.4 |
- |
- |
-0.1 |
0.0 |
|
Post-Retirement Plan Expense |
-0.2 |
- |
- |
0.3 |
0.4 |
|
Defined Contribution Expense - Domestic |
3.9 |
- |
- |
4.1 |
0.0 |
|
Total Pension Expense |
10.3 |
- |
- |
13.4 |
0.3 |
|
Discount Rate - Domestic |
4.10% |
- |
- |
- |
- |
|
Discount Rate - Post-Retirement |
4.10% |
- |
- |
- |
- |
|
Expected Rate of Return - Domestic |
7.20% |
- |
- |
6.60% |
6.90% |
|
Compensation Rate - Domestic |
- |
- |
- |
- |
3.00% |
|
Total Plan Interest Cost |
8.6 |
- |
- |
11.6 |
12.1 |
|
Total Plan Service Cost |
- |
- |
- |
0.0 |
0.2 |
|
Total Plan Expected Return |
-8.6 |
- |
- |
-7.1 |
-12.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
02-Feb-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
7.9 |
14.3 |
16.3 |
18.9 |
19.7 |
|
Cash and Short Term Investments |
7.9 |
14.3 |
16.3 |
18.9 |
19.7 |
|
Other Receivables |
36.0 |
41.1 |
50.1 |
56.9 |
80.6 |
|
Total Receivables, Net |
36.0 |
41.1 |
50.1 |
56.9 |
80.6 |
|
Total Inventory |
758.4 |
699.5 |
682.3 |
659.4 |
666.1 |
|
Prepaid Expenses |
34.6 |
27.9 |
28.4 |
30.8 |
32.8 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
- |
0.0 |
|
Other Current Assets, Total |
- |
- |
- |
- |
0.0 |
|
Total Current Assets |
836.9 |
782.8 |
777.1 |
766.0 |
799.2 |
|
|
|
|
|
|
|
|
Buildings |
690.3 |
675.1 |
653.2 |
640.9 |
638.0 |
|
Land/Improvements |
118.4 |
121.5 |
121.6 |
122.0 |
122.2 |
|
Machinery/Equipment |
579.4 |
548.0 |
509.8 |
513.1 |
503.0 |
|
Other
Property/Plant/Equipment |
69.3 |
75.8 |
76.4 |
74.6 |
68.1 |
|
Property/Plant/Equipment - Gross |
1,457.4 |
1,420.4 |
1,361.0 |
1,350.6 |
1,331.3 |
|
Accumulated Depreciation |
-804.6 |
-743.3 |
-657.5 |
-594.0 |
-498.6 |
|
Property/Plant/Equipment - Net |
652.8 |
677.1 |
703.4 |
756.6 |
832.8 |
|
Goodwill, Net |
- |
- |
0.0 |
0.0 |
0.0 |
|
Intangibles - Gross |
117.5 |
119.7 |
176.3 |
177.3 |
178.8 |
|
Accumulated Intangible Amortization |
-57.6 |
-52.0 |
-46.2 |
-38.5 |
-30.6 |
|
Intangibles, Net |
110.6 |
119.2 |
130.1 |
138.8 |
148.2 |
|
Deferred Income Tax - Long Term Asset |
15.0 |
12.4 |
9.6 |
13.3 |
10.0 |
|
Other Long Term Assets |
18.9 |
26.7 |
36.1 |
47.3 |
31.2 |
|
Other Long Term Assets, Total |
33.9 |
39.1 |
45.6 |
60.6 |
41.1 |
|
Total Assets |
1,634.2 |
1,618.2 |
1,656.2 |
1,722.0 |
1,821.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
193.9 |
205.5 |
175.2 |
163.7 |
143.4 |
|
Accrued Expenses |
162.9 |
158.7 |
213.0 |
209.0 |
215.2 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
79.8 |
12.4 |
12.8 |
12.6 |
8.8 |
|
Income Taxes Payable |
35.7 |
35.8 |
0.1 |
0.0 |
0.1 |
|
Deferred Income Tax - Current Liability |
20.3 |
16.2 |
12.7 |
14.8 |
7.3 |
|
Other Current liabilities, Total |
56.0 |
52.1 |
12.8 |
14.8 |
7.4 |
|
Total Current Liabilities |
492.7 |
428.6 |
413.9 |
400.1 |
374.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
768.9 |
814.3 |
856.7 |
951.3 |
1,083.4 |
|
Capital Lease Obligations |
52.5 |
56.7 |
61.0 |
65.4 |
65.3 |
|
Total Long Term Debt |
821.3 |
870.9 |
917.7 |
1,016.7 |
1,148.8 |
|
Total Debt |
901.2 |
883.4 |
930.5 |
1,029.3 |
1,157.6 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
83.6 |
96.4 |
59.5 |
- |
- |
|
Other Long Term Liabilities |
126.0 |
90.6 |
81.7 |
163.5 |
163.6 |
|
Other Liabilities, Total |
209.6 |
187.0 |
141.3 |
163.5 |
163.6 |
|
Total Liabilities |
1,523.6 |
1,486.6 |
1,472.9 |
1,580.3 |
1,687.1 |
|
|
|
|
|
|
|
|
Convertible Preferred Stock - Non Redeemable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Preferred Stock - Non Redeemable, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Additional Paid-In Capital |
158.7 |
155.4 |
153.3 |
149.6 |
144.6 |
|
Retained Earnings (Accumulated Deficit) |
26.3 |
51.7 |
67.7 |
46.2 |
50.3 |
|
Treasury Stock - Common |
-1.4 |
-1.4 |
-1.4 |
-1.4 |
-1.4 |
|
Minimum Pension Liability Adjustment |
-73.2 |
-74.4 |
- |
- |
- |
|
Other Comprehensive Income |
- |
- |
-36.5 |
-52.9 |
-59.5 |
|
Other Equity, Total |
-73.2 |
-74.4 |
-36.5 |
-52.9 |
-59.5 |
|
Total Equity |
110.6 |
131.6 |
183.4 |
141.8 |
134.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,634.2 |
1,618.2 |
1,656.2 |
1,722.0 |
1,821.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
17.2 |
16.7 |
16.2 |
15.6 |
14.5 |
|
Shares Outstanding - Common Stock Issue 2 |
3.0 |
3.0 |
3.0 |
3.0 |
3.0 |
|
Total Common Shares Outstanding |
20.1 |
19.7 |
19.1 |
18.6 |
17.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Treasury Shares - Common Issue 2 |
- |
- |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
- |
26,500 |
27,600 |
29,100 |
|
Number of Common Shareholders |
220 |
- |
233 |
247 |
238 |
|
Accumulated Intangible Amort, Suppl. |
57.6 |
52.0 |
46.2 |
38.5 |
30.6 |
|
Deferred Revenue - Long Term |
- |
- |
46.1 |
47.0 |
47.8 |
|
Total Long Term Debt, Supplemental |
844.8 |
- |
863.7 |
958.8 |
1,089.5 |
|
Long Term Debt Maturing within 1 Year |
75.9 |
- |
7.0 |
7.5 |
6.1 |
|
Long Term Debt Maturing in Year 2 |
7.4 |
- |
8.1 |
7.0 |
7.5 |
|
Long Term Debt Maturing in Year 3 |
7.9 |
- |
115.2 |
7.4 |
327.0 |
|
Long Term Debt Maturing in Year 4 |
423.6 |
- |
518.6 |
203.5 |
7.4 |
|
Long Term Debt Maturing in Year 5 |
330.0 |
- |
9.2 |
518.6 |
8.0 |
|
Long Term Debt Maturing in 2-3 Years |
15.2 |
- |
123.2 |
14.4 |
334.5 |
|
Long Term Debt Maturing in 4-5 Years |
753.6 |
- |
527.8 |
722.1 |
15.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
- |
205.6 |
214.8 |
733.4 |
|
Interest Costs |
-26.1 |
- |
-35.8 |
-40.6 |
-45.1 |
|
Total Capital Leases, Supplemental |
56.4 |
- |
66.9 |
70.4 |
68.0 |
|
Capital Lease Payments Due in Year 1 |
8.0 |
- |
10.7 |
10.2 |
7.7 |
|
Capital Lease Payments Due in Year 2 |
7.6 |
- |
8.8 |
10.2 |
7.7 |
|
Capital Lease Payments Due in Year 3 |
7.5 |
- |
8.0 |
8.3 |
7.7 |
|
Capital Lease Payments Due in Year 4 |
7.5 |
- |
7.6 |
7.5 |
7.5 |
|
Capital Lease Payments Due in Year 5 |
7.5 |
- |
7.5 |
7.5 |
7.5 |
|
Capital Lease Payments Due in 2-3 Years |
15.1 |
- |
16.8 |
18.4 |
15.4 |
|
Capital Lease Payments Due in 4-5 Years |
15.0 |
- |
15.1 |
15.0 |
15.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
44.4 |
- |
60.0 |
67.5 |
75.0 |
|
Total Operating Leases, Supplemental |
705.1 |
- |
488.2 |
534.1 |
563.7 |
|
Operating Lease Payments Due in Year 1 |
91.6 |
- |
90.7 |
95.3 |
93.9 |
|
Operating Lease Payments Due in Year 2 |
85.4 |
- |
84.7 |
87.0 |
86.6 |
|
Operating Lease Payments Due in Year 3 |
79.8 |
- |
76.6 |
75.4 |
75.6 |
|
Operating Lease Payments Due in Year 4 |
72.7 |
- |
61.5 |
66.6 |
65.5 |
|
Operating Lease Payments Due in Year 5 |
67.9 |
- |
49.0 |
51.2 |
57.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
165.2 |
- |
161.4 |
162.4 |
162.2 |
|
Operating Lease Pymts. Due in 4-5 Years |
140.6 |
- |
110.5 |
117.8 |
122.7 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
307.8 |
- |
125.6 |
158.6 |
184.9 |
|
Pension Obligation - Domestic |
219.1 |
- |
193.5 |
199.9 |
192.2 |
|
Post-Retirement Obligation |
3.5 |
- |
3.8 |
6.4 |
5.8 |
|
Plan Assets - Domestic |
137.6 |
- |
132.5 |
124.5 |
113.7 |
|
Funded Status - Domestic |
-81.6 |
- |
-61.0 |
-75.4 |
-78.5 |
|
Funded Status - Post-Retirement |
-3.5 |
- |
-3.8 |
-6.4 |
-5.8 |
|
Total Funded Status |
-85.1 |
- |
-64.8 |
-81.8 |
-84.3 |
|
Discount Rate - Domestic |
3.80% |
- |
- |
- |
- |
|
Discount Rate - Post-Retirement |
3.80% |
- |
- |
- |
- |
|
Prepaid Benefits - Domestic |
- |
- |
- |
- |
0.0 |
|
Accrued Liabilities - Domestic |
-81.6 |
- |
-57.2 |
-69.0 |
-72.7 |
|
Accrued Liabilities - Post-Retirement |
-3.5 |
- |
-3.8 |
-6.4 |
-5.8 |
|
Other Assets, Net - Domestic |
71.2 |
- |
37.4 |
47.7 |
54.0 |
|
Other Assets, Net - Post-Retirement |
-2.1 |
- |
- |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-15.9 |
- |
-23.6 |
-27.7 |
-24.5 |
|
Equity % - Domestic |
57.00% |
- |
71.00% |
65.00% |
61.00% |
|
Debt Securities % - Domestic |
31.00% |
- |
29.00% |
31.00% |
31.00% |
|
Real Estate % - Domestic |
- |
- |
0.00% |
4.00% |
8.00% |
|
Total Plan Obligations |
222.6 |
- |
197.3 |
206.3 |
197.9 |
|
Total Plan Assets |
137.6 |
- |
132.5 |
124.5 |
113.7 |
Annual Cash Flows
Financials in: USD (mil)
|
|
02-Feb-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
53 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-21.6 |
-12.1 |
21.5 |
-4.1 |
-169.9 |
|
Depreciation |
88.3 |
95.0 |
102.2 |
111.6 |
117.4 |
|
Depreciation/Depletion |
88.3 |
95.0 |
102.2 |
111.6 |
117.4 |
|
Amortization of Intangibles |
4.7 |
4.7 |
4.6 |
4.9 |
4.9 |
|
Amortization |
4.7 |
4.7 |
4.6 |
4.9 |
4.9 |
|
Deferred Taxes |
1.4 |
-2.5 |
1.6 |
4.2 |
101.3 |
|
Unusual Items |
11.5 |
-5.1 |
-0.3 |
6.0 |
44.4 |
|
Other Non-Cash Items |
16.4 |
14.8 |
22.2 |
18.9 |
7.0 |
|
Non-Cash Items |
27.9 |
9.6 |
21.8 |
24.9 |
51.4 |
|
Inventories |
-58.9 |
-17.2 |
-22.9 |
6.7 |
88.7 |
|
Prepaid Expenses |
-1.6 |
9.4 |
9.3 |
25.8 |
-35.6 |
|
Other Assets |
2.0 |
0.4 |
2.6 |
2.3 |
0.2 |
|
Accounts Payable |
2.6 |
23.4 |
6.0 |
22.7 |
-62.9 |
|
Accrued Expenses |
9.0 |
-21.3 |
-1.4 |
-5.1 |
-6.1 |
|
Taxes Payable |
0.7 |
-0.1 |
0.1 |
-0.1 |
-0.8 |
|
Other Liabilities |
18.6 |
10.5 |
-4.3 |
0.3 |
5.7 |
|
Changes in Working Capital |
-27.5 |
5.0 |
-10.6 |
52.6 |
-10.8 |
|
Cash from Operating Activities |
73.3 |
99.8 |
141.1 |
194.0 |
94.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-73.8 |
-67.2 |
-46.3 |
-32.3 |
-84.8 |
|
Capital Expenditures |
-73.8 |
-67.2 |
-46.3 |
-32.3 |
-84.8 |
|
Acquisition of Business |
- |
- |
- |
0.0 |
0.0 |
|
Sale of Fixed Assets |
8.3 |
2.8 |
2.6 |
0.1 |
0.3 |
|
Other Investing Cash Flow Items, Total |
8.3 |
2.8 |
2.6 |
0.1 |
0.3 |
|
Cash from Investing Activities |
-65.5 |
-64.5 |
-43.7 |
-32.2 |
-84.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-9.8 |
-9.5 |
-4.8 |
-24.0 |
-0.3 |
|
Financing Cash Flow Items |
-9.8 |
-9.5 |
-4.8 |
-24.0 |
-0.3 |
|
Cash Dividends Paid - Common |
-4.9 |
-2.9 |
0.0 |
-0.9 |
-2.6 |
|
Total Cash Dividends Paid |
-4.9 |
-2.9 |
0.0 |
-0.9 |
-2.6 |
|
Options Exercised |
0.5 |
0.4 |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.5 |
0.4 |
0.0 |
0.0 |
0.0 |
|
Short Term Debt, Net |
-16.8 |
6.8 |
5.3 |
-2.9 |
-10.4 |
|
Long Term Debt Issued |
750.4 |
773.9 |
610.4 |
765.1 |
807.5 |
|
Long Term Debt
Reduction |
-733.7 |
-806.1 |
-710.9 |
-899.9 |
-805.5 |
|
Long Term Debt, Net |
16.7 |
-32.2 |
-100.5 |
-134.8 |
2.0 |
|
Issuance (Retirement) of Debt, Net |
0.0 |
-25.4 |
-95.2 |
-137.7 |
-8.4 |
|
Cash from Financing Activities |
-14.1 |
-37.4 |
-100.1 |
-162.6 |
-11.3 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-6.3 |
-2.1 |
-2.6 |
-0.8 |
-1.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
14.3 |
16.3 |
18.9 |
19.7 |
21.2 |
|
Net Cash - Ending Balance |
7.9 |
14.3 |
16.3 |
18.9 |
19.7 |
|
Cash Interest Paid |
76.3 |
86.8 |
102.1 |
91.4 |
93.1 |
|
Cash Taxes Paid |
-0.8 |
1.0 |
-6.4 |
-31.9 |
4.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
02-Feb-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
53 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
2,919.4 |
2,884.7 |
2,980.5 |
2,959.8 |
3,130.0 |
|
Other Income |
59.4 |
68.9 |
66.0 |
75.1 |
95.4 |
|
Total Revenue |
2,978.8 |
2,953.5 |
3,046.5 |
3,034.9 |
3,225.4 |
|
|
|
|
|
|
|
|
Costs of merchandise sold |
1,873.9 |
1,847.4 |
1,860.2 |
1,862.2 |
2,035.0 |
|
Selling, General and Administrative |
806.8 |
790.4 |
803.9 |
- |
- |
|
Selling, General and Administrative |
- |
- |
- |
832.3 |
1,033.5 |
|
Advertising |
129.3 |
145.6 |
138.8 |
131.4 |
- |
|
Depreciation and amortization |
88.3 |
95.0 |
102.2 |
111.6 |
117.4 |
|
Amortization of lease-related interests |
4.7 |
4.7 |
4.6 |
4.9 |
4.9 |
|
Goodwill impairment |
- |
- |
- |
0.0 |
17.8 |
|
Loss on extinguishment of debt |
8.5 |
-8.7 |
0.0 |
0.7 |
- |
|
Impairment charges |
5.8 |
3.7 |
1.7 |
5.9 |
25.9 |
|
Total Operating Expense |
2,917.3 |
2,878.2 |
2,911.3 |
2,948.9 |
3,234.4 |
|
|
|
|
|
|
|
|
Interest Expense |
-83.1 |
-89.9 |
-113.0 |
-98.8 |
-98.8 |
|
Interest Income |
0.1 |
0.2 |
0.3 |
0.5 |
0.6 |
|
Capitalized Interest |
0.2 |
0.2 |
0.4 |
0.2 |
0.4 |
|
Net Income Before Taxes |
-21.3 |
-14.1 |
22.8 |
-12.1 |
-106.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.2 |
-2.0 |
1.4 |
-8.0 |
63.1 |
|
Net Income After Taxes |
-21.6 |
-12.1 |
21.5 |
-4.1 |
-169.9 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
-21.6 |
-12.1 |
21.5 |
-4.1 |
-169.9 |
|
Net Income |
-21.6 |
-12.1 |
21.5 |
-4.1 |
-169.9 |
|
|
|
|
|
|
|
|
Income allocated to participating securi |
0.0 |
0.0 |
-1.4 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
-21.6 |
-12.1 |
20.0 |
-4.1 |
-169.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-21.6 |
-12.1 |
20.0 |
-4.1 |
-169.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
18.5 |
18.1 |
17.6 |
17.0 |
16.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
-1.16 |
-0.67 |
1.14 |
-0.24 |
-10.12 |
|
Basic EPS Including ExtraOrdinary Items |
-1.16 |
-0.67 |
1.14 |
-0.24 |
-10.12 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-21.6 |
-12.1 |
20.1 |
-4.1 |
-169.9 |
|
Diluted Weighted Average Shares |
18.5 |
18.1 |
17.9 |
17.0 |
16.8 |
|
Diluted EPS Excluding ExtraOrd Items |
-1.16 |
-0.67 |
1.12 |
-0.24 |
-10.12 |
|
Diluted EPS Including ExtraOrd Items |
-1.16 |
-0.67 |
1.12 |
-0.24 |
-10.12 |
|
DPS-Common Stock |
0.20 |
0.20 |
0.00 |
0.00 |
0.20 |
|
Gross Dividends - Common Stock |
3.9 |
3.8 |
0.0 |
0.0 |
3.5 |
|
Normalized Income Before Taxes |
-7.0 |
-19.2 |
24.6 |
-5.5 |
-63.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
5.2 |
-3.8 |
1.5 |
-5.7 |
78.4 |
|
Normalized Income After Taxes |
-12.3 |
-15.4 |
23.1 |
0.2 |
-141.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-12.3 |
-15.4 |
21.7 |
0.2 |
-141.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.66 |
-0.85 |
1.23 |
0.01 |
-8.43 |
|
Diluted Normalized EPS |
-0.66 |
-0.85 |
1.21 |
0.01 |
-8.43 |
|
Capitalized Interest |
-0.2 |
-0.2 |
-0.4 |
- |
- |
|
Interest Expense, Supplemental |
82.9 |
89.7 |
112.6 |
- |
- |
|
Interest Expense |
- |
- |
- |
98.6 |
98.4 |
|
Interest Capitalized |
- |
- |
- |
-0.2 |
-0.4 |
|
BC - Depreciation of Fixed Assets |
88.3 |
95.0 |
102.2 |
- |
- |
|
Depreciation |
- |
- |
- |
109.2 |
114.6 |
|
Amort of Intangibles |
4.7 |
- |
- |
7.3 |
7.6 |
|
Advertising |
129.3 |
145.6 |
138.8 |
131.4 |
141.7 |
|
Rental Expense |
90.2 |
92.0 |
94.2 |
100.9 |
99.8 |
|
Federal |
0.0 |
0.0 |
0.0 |
-9.8 |
-39.2 |
|
State |
-1.1 |
0.5 |
-0.3 |
-2.4 |
1.0 |
|
Current Tax - Total |
-1.2 |
0.5 |
-0.3 |
-12.2 |
-38.2 |
|
Federal |
1.2 |
-1.9 |
1.3 |
4.0 |
83.3 |
|
State |
0.2 |
-0.6 |
0.3 |
0.2 |
18.0 |
|
Deferred Tax - Total |
1.4 |
-2.5 |
1.6 |
4.2 |
101.3 |
|
Income Tax - Total |
0.2 |
-2.0 |
1.4 |
-8.0 |
63.1 |
|
Current Service Cost - Pension |
- |
- |
- |
0.0 |
0.2 |
|
Interest Cost - Pension |
8.5 |
- |
- |
11.3 |
11.7 |
|
Expected Return on Assets - Pension |
-8.6 |
- |
- |
-7.1 |
-12.3 |
|
Past Service Cost - Pension |
- |
- |
- |
0.0 |
0.0 |
|
Recognized Actuarial Gain/Loss - Pension |
6.8 |
- |
- |
4.9 |
0.5 |
|
Curtailment Gain - Pension |
- |
- |
- |
0.0 |
-0.2 |
|
Domestic Pension Plan Expense |
6.6 |
- |
- |
9.1 |
-0.1 |
|
Interest Cost - Medical & Life Insurance |
0.1 |
- |
- |
0.4 |
0.4 |
|
Acturial Loss |
-0.4 |
- |
- |
-0.1 |
0.0 |
|
Post-Retirement Plan Expense |
-0.2 |
- |
- |
0.3 |
0.4 |
|
401(k) Savings Plan |
3.9 |
- |
- |
4.1 |
0.0 |
|
Total Pension Expense |
10.3 |
- |
- |
13.4 |
0.3 |
|
Discount Rate - Post-Retirement |
4.10% |
- |
- |
- |
- |
|
Discount Rate - Pension |
4.10% |
- |
- |
6.50% |
6.20% |
|
Discount Rate - Medical & Life Insurance |
- |
- |
- |
6.50% |
6.20% |
|
Expected Rate of Return - Pension |
7.20% |
- |
- |
6.60% |
6.90% |
|
Compensation Rate - Pension |
- |
- |
- |
- |
3.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
02-Feb-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
7.9 |
14.3 |
16.3 |
18.9 |
19.7 |
|
Merchandise inventories. |
758.4 |
699.5 |
682.3 |
659.4 |
666.1 |
|
Income Tax Receivables |
- |
- |
1.2 |
8.3 |
31.1 |
|
Other receivables. |
36.0 |
41.1 |
48.9 |
48.6 |
49.5 |
|
Prepayments |
34.6 |
27.9 |
- |
- |
- |
|
Prepaid expenses and other current asset |
- |
- |
28.4 |
30.8 |
32.8 |
|
DeferredTaxes |
- |
- |
- |
- |
0.0 |
|
Total Current Assets |
836.9 |
782.8 |
777.1 |
766.0 |
799.2 |
|
|
|
|
|
|
|
|
Land and Improvements |
118.4 |
121.5 |
121.6 |
122.0 |
122.2 |
|
Building |
690.3 |
675.1 |
653.2 |
640.9 |
638.0 |
|
Furn./Fixtures |
579.4 |
548.0 |
509.8 |
513.1 |
503.0 |
|
Capital Lease |
69.3 |
75.8 |
76.4 |
74.6 |
68.1 |
|
Depreciation |
-804.6 |
-743.3 |
-657.5 |
-594.0 |
-498.6 |
|
Deferred Taxes |
15.0 |
12.4 |
9.6 |
13.3 |
10.0 |
|
Goodwill |
- |
- |
0.0 |
0.0 |
0.0 |
|
Lease-related interests |
94.6 |
96.8 |
99.4 |
100.4 |
101.7 |
|
Customer lists and relationships |
22.9 |
22.9 |
22.9 |
22.9 |
22.9 |
|
Trademarks |
- |
- |
42.7 |
42.7 |
42.7 |
|
Private label brand names |
- |
- |
11.3 |
11.3 |
11.4 |
|
Other intangibles |
- |
- |
- |
0.0 |
0.0 |
|
Acc Amort Other Intangibles 1 |
-14.8 |
-12.9 |
- |
- |
- |
|
Acc Amort Other Intangibles |
-42.8 |
-39.1 |
- |
- |
- |
|
Accumulated Amortization |
- |
- |
-46.2 |
-38.5 |
-30.6 |
|
Other long-term assets |
18.9 |
26.7 |
36.1 |
47.3 |
31.2 |
|
Trade Name, Net |
40.3 |
40.3 |
- |
- |
- |
|
Brands/Patents - Net |
10.4 |
11.1 |
- |
- |
- |
|
Total Assets |
1,634.2 |
1,618.2 |
1,656.2 |
1,722.0 |
1,821.3 |
|
|
|
|
|
|
|
|
Accounts payable |
193.9 |
205.5 |
175.2 |
163.7 |
143.4 |
|
Other Accrued Expenses |
130.5 |
127.0 |
- |
- |
- |
|
Accrued payroll and benefits |
32.4 |
31.6 |
45.8 |
48.3 |
36.1 |
|
Accrued Expenses |
- |
- |
167.2 |
160.7 |
179.1 |
|
Current maturities of long-term debt |
75.9 |
8.1 |
7.0 |
7.5 |
6.1 |
|
Current maturities of obligations under |
3.9 |
4.4 |
5.8 |
5.0 |
2.7 |
|
Deferred Taxes |
20.3 |
16.2 |
12.7 |
14.8 |
7.3 |
|
Income Taxes Payable |
35.0 |
35.8 |
- |
- |
- |
|
Income taxes payable |
0.7 |
0.0 |
0.1 |
0.0 |
0.1 |
|
Total Current Liabilities |
492.7 |
428.6 |
413.9 |
400.1 |
374.8 |
|
|
|
|
|
|
|
|
Long-term debt, less current maturities |
768.9 |
814.3 |
856.7 |
951.3 |
1,083.4 |
|
Obligations under capital leases, less c |
52.5 |
56.7 |
61.0 |
65.4 |
65.3 |
|
Total Long Term Debt |
821.3 |
870.9 |
917.7 |
1,016.7 |
1,148.8 |
|
|
|
|
|
|
|
|
Deferred Income |
- |
- |
46.1 |
47.0 |
47.8 |
|
Employee defined benefit plans |
83.6 |
96.4 |
59.5 |
- |
- |
|
Other Other long-term liabilities |
126.0 |
90.6 |
- |
- |
- |
|
Other long-term liabilities |
- |
- |
35.6 |
116.5 |
115.8 |
|
Total Liabilities |
1,523.6 |
1,486.6 |
1,472.9 |
1,580.3 |
1,687.1 |
|
|
|
|
|
|
|
|
Pension Liabilities- Comp. Income |
-73.2 |
-74.4 |
- |
- |
- |
|
Preferred Stockauthorized 5,000,000 shar |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stockauthorized 40,000,000 shares |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Class A Common Stockauthorized 20,000,00 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Treasury stock, at cost337,800 shares at |
-1.4 |
-1.4 |
-1.4 |
-1.4 |
-1.4 |
|
Additional paid-in capital |
158.7 |
155.4 |
153.3 |
149.6 |
144.6 |
|
Accumulated other comprehensive loss |
- |
- |
-36.5 |
-52.9 |
-59.5 |
|
Retained earnings |
26.3 |
51.7 |
67.7 |
46.2 |
50.3 |
|
Total Equity |
110.6 |
131.6 |
183.4 |
141.8 |
134.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,634.2 |
1,618.2 |
1,656.2 |
1,722.0 |
1,821.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
17.2 |
16.7 |
16.2 |
15.6 |
14.5 |
|
S/O-Common Stock Class A |
3.0 |
3.0 |
3.0 |
3.0 |
3.0 |
|
Total Common Shares Outstanding |
20.1 |
19.7 |
19.1 |
18.6 |
17.5 |
|
T/S-Common Stock |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
T/S-Common Stock Class A |
- |
- |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue - Long Term |
- |
- |
46.1 |
47.0 |
47.8 |
|
Acc Amort Other Intangibles 1 |
14.8 |
12.9 |
- |
- |
- |
|
Acc Amort Other Intangibles |
42.8 |
39.1 |
- |
- |
- |
|
Accumulated Intangible Amortization |
- |
- |
46.2 |
38.5 |
30.6 |
|
Full-Time Employees |
- |
- |
26,500 |
27,600 |
29,100 |
|
Number of Common Shareholders |
220 |
- |
233 |
247 |
238 |
|
Long Term Debt Maturing within 1 Year |
75.9 |
- |
7.0 |
7.5 |
6.1 |
|
Long Term Debt Maturing within 2 Years |
7.4 |
- |
8.1 |
7.0 |
7.5 |
|
Long Term Debt Maturing within 3 Years |
7.9 |
- |
115.2 |
7.4 |
327.0 |
|
Long Term Debt Maturing within 4 Years |
423.6 |
- |
518.6 |
203.5 |
7.4 |
|
Long Term Debt Maturing within 5 Years |
330.0 |
- |
9.2 |
518.6 |
8.0 |
|
Long Term Debt Remaining Maturities |
0.0 |
- |
205.6 |
214.8 |
733.4 |
|
Total Long Term Debt, Supplemental |
844.8 |
- |
863.7 |
958.8 |
1,089.5 |
|
Capital Leases Maturing within 1 Year |
8.0 |
- |
10.7 |
10.2 |
7.7 |
|
Capital Leases Maturing within 2 Years |
7.6 |
- |
8.8 |
10.2 |
7.7 |
|
Capital Leases Maturing within 3 Years |
7.5 |
- |
8.0 |
8.3 |
7.7 |
|
Capital Leases Maturing within 4 Years |
7.5 |
- |
7.6 |
7.5 |
7.5 |
|
Capital Leases Maturing within 5 Years |
7.5 |
- |
7.5 |
7.5 |
7.5 |
|
Capital Leases Remaining Maturities |
44.4 |
- |
60.0 |
67.5 |
75.0 |
|
Interest |
-26.1 |
- |
-35.8 |
-40.6 |
-45.1 |
|
Total Capital Leases, Supplemental |
56.4 |
- |
66.9 |
70.4 |
68.0 |
|
Operating Leases Maturing within 1 Year |
91.6 |
- |
90.7 |
95.3 |
93.9 |
|
Operating Leases Maturing within 2 Years |
85.4 |
- |
84.7 |
87.0 |
86.6 |
|
Operating Leases Maturing within 3 Years |
79.8 |
- |
76.6 |
75.4 |
75.6 |
|
Operating Leases Maturing within 4 Years |
72.7 |
- |
61.5 |
66.6 |
65.5 |
|
Operating Leases Maturing within 5 Years |
67.9 |
- |
49.0 |
51.2 |
57.3 |
|
Operating Leases Remaining Maturities |
307.8 |
- |
125.6 |
158.6 |
184.9 |
|
Total Operating Leases, Supplemental |
705.1 |
- |
488.2 |
534.1 |
563.7 |
|
Projected Benefit Obligation - Pension |
219.1 |
- |
189.7 |
193.5 |
186.4 |
|
FV of Plan Assets - Pension |
137.6 |
- |
132.5 |
124.5 |
113.7 |
|
Projected Benefit Obligation - Pst. Ret |
3.5 |
- |
3.8 |
6.4 |
5.8 |
|
Funded Status - Pension |
-81.6 |
- |
-57.2 |
-69.0 |
-72.7 |
|
Funded Status - Pst. Ret |
-3.5 |
- |
-3.8 |
-6.4 |
-5.8 |
|
Projected Benefit Obligation - Medical |
- |
- |
3.8 |
6.4 |
5.8 |
|
Funded Status - Medical |
- |
- |
-3.8 |
-6.4 |
-5.8 |
|
Total Funded Status |
-85.1 |
- |
-64.8 |
-81.8 |
-84.3 |
|
Discount Rate - Post-Retirement - Period |
3.80% |
- |
- |
- |
- |
|
Discount Rate - Pension |
3.80% |
- |
5.20% |
5.50% |
6.50% |
|
Discount Rate - Medical & Life Insurance |
- |
- |
5.20% |
5.50% |
6.50% |
|
Other Assets, Net - Post-Retirement |
-2.1 |
- |
- |
- |
- |
|
Other LT Assets - Pension |
- |
- |
- |
- |
0.0 |
|
Accrued Benefit Liability - Pension |
-0.9 |
- |
-0.8 |
-0.8 |
-6.4 |
|
Accrued Benefit Liability - Pst. Ret |
-0.6 |
- |
-0.6 |
-0.9 |
-0.8 |
|
Other LT Liabilities - Pension |
-80.7 |
- |
-56.4 |
-68.3 |
-66.3 |
|
Accrued Laibilities - Post - Ret. |
-2.9 |
- |
-3.2 |
-5.4 |
-5.0 |
|
AOCI-Prior Service Cost - Pension |
- |
- |
- |
- |
0.0 |
|
AOCI-Net Actuarial Loss - Pension |
71.2 |
- |
37.4 |
47.7 |
54.0 |
|
Net Assets Recognized on Balance Sheet |
-15.9 |
- |
-23.6 |
-27.7 |
-24.5 |
|
Cash and cash equivalents |
2.00% |
- |
0.00% |
- |
- |
|
Hedge funds |
10.00% |
- |
0.00% |
- |
- |
|
Equity Securities |
57.00% |
- |
71.00% |
65.00% |
61.00% |
|
Fixed Income |
31.00% |
- |
29.00% |
31.00% |
31.00% |
|
Real Estate |
- |
- |
0.00% |
4.00% |
8.00% |
Annual Cash Flows
Financials in: USD (mil)
|
|
02-Feb-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
53 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-21.6 |
-12.1 |
21.5 |
-4.1 |
-169.9 |
|
Depreciation |
88.3 |
95.0 |
102.2 |
111.6 |
117.4 |
|
Impair. of PPE&intangible fixed assets |
5.8 |
- |
- |
- |
- |
|
Impairment charges |
- |
3.7 |
1.7 |
5.9 |
25.9 |
|
Reclassifications of other comprehensive |
6.4 |
- |
- |
- |
- |
|
Share-based compensation expense |
4.5 |
5.3 |
7.8 |
5.1 |
5.3 |
|
Goodwill impairment |
- |
- |
0.0 |
0.0 |
17.8 |
|
Amortization of lease-related interests |
4.7 |
4.7 |
4.6 |
4.9 |
4.9 |
|
Excess tax benefit from share-based comp |
- |
- |
- |
0.0 |
0.0 |
|
Gain on sale of property, fixtures and e |
-2.8 |
-0.1 |
-2.1 |
0.1 |
0.7 |
|
Loss (gain) on exchange/extinguishment o |
8.5 |
-8.7 |
0.0 |
- |
- |
|
Reclassifications of other comprehensive |
- |
3.2 |
7.5 |
10.7 |
- |
|
Amortization of Deferred Financing Costs |
6.6 |
8.7 |
9.3 |
5.6 |
4.2 |
|
Amortization of deferred gain |
-1.0 |
-2.4 |
-2.4 |
-2.4 |
-2.4 |
|
Deferred income tax provision (benefit)) |
1.4 |
-2.5 |
1.6 |
4.2 |
101.3 |
|
Increase in merchandise inventories |
-58.9 |
-17.2 |
-22.9 |
6.7 |
88.7 |
|
crease) decrease in prepaid expenses and |
-1.6 |
9.4 |
9.3 |
25.8 |
-35.6 |
|
Decrease in other long-term assets |
2.0 |
0.4 |
2.6 |
2.3 |
0.2 |
|
Increase in accounts payable |
2.6 |
23.4 |
6.0 |
22.7 |
-62.9 |
|
Increase (decrease) in accrued payroll a |
9.0 |
-21.3 |
-1.4 |
-5.1 |
-6.1 |
|
Increase (decrease) in income taxes paya |
0.7 |
-0.1 |
0.1 |
-0.1 |
-0.8 |
|
increase in other liab |
18.6 |
10.5 |
-4.3 |
0.3 |
5.7 |
|
Cash from Operating Activities |
73.3 |
99.8 |
141.1 |
194.0 |
94.2 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-73.8 |
-67.2 |
-46.3 |
-32.3 |
-84.8 |
|
Acquisitions, net of cash acquired |
- |
- |
- |
0.0 |
0.0 |
|
Proceeds from sale of property, fixtures |
8.3 |
2.8 |
2.6 |
0.1 |
0.3 |
|
Cash from Investing Activities |
-65.5 |
-64.5 |
-43.7 |
-32.2 |
-84.5 |
|
|
|
|
|
|
|
|
Payments on long-term debt and capital l |
-733.7 |
-806.1 |
-710.9 |
-899.9 |
-805.5 |
|
Proceeds from issuance of long-term debt |
750.4 |
773.9 |
610.4 |
765.1 |
807.5 |
|
Debt exchange costs paid |
-7.0 |
- |
- |
- |
- |
|
Restricted shares forfeited in lieu of p |
-1.7 |
-3.6 |
-4.1 |
0.0 |
0.0 |
|
Cash dividends paid |
-4.9 |
-2.9 |
0.0 |
-0.9 |
-2.6 |
|
Proceeds from stock options exercised |
0.5 |
0.4 |
0.0 |
0.0 |
0.0 |
|
Excess tax benefit from share-based comp |
- |
- |
- |
0.0 |
0.0 |
|
Dfrd. Financing Cost |
-1.1 |
-5.9 |
-0.7 |
-24.0 |
-0.3 |
|
(Decrease) increase in book overdraft ba |
-16.8 |
6.8 |
5.3 |
-2.9 |
-10.4 |
|
Cash from Financing Activities |
-14.1 |
-37.4 |
-100.1 |
-162.6 |
-11.3 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-6.3 |
-2.1 |
-2.6 |
-0.8 |
-1.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
14.3 |
16.3 |
18.9 |
19.7 |
21.2 |
|
Net Cash - Ending Balance |
7.9 |
14.3 |
16.3 |
18.9 |
19.7 |
|
Cash Interest Paid |
76.3 |
86.8 |
102.1 |
91.4 |
93.1 |
|
Cash Taxes Paid |
-0.8 |
1.0 |
-6.4 |
-31.9 |
4.0 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Ratio Comparisons
Traded: NASDAQ: BONT Financials
in: USD (actual units)
Industry: Retail (Department & Discount) As
of 07-Jun-2013
Sector: Services
Financials in : USD (actual units)
As on 07.06.2013
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
- |
17.15 |
26.53 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
9.94 |
19.33 |
28.03 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
9.94 |
11.49 |
11.18 |
10.71 |
|
Beta |
2.81 |
0.60 |
0.91 |
1.00 |
|
Price/Revenue (TTM) |
0.15 |
0.65 |
2.87 |
2.57 |
|
Price/Book (MRQ) |
5.24 |
3.07 |
4.17 |
3.67 |
|
Price to Tangible Book (MRQ) |
- |
4.36 |
6.61 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
5.31 |
10.03 |
14.95 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
- |
20.39 |
25.61 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
0.92% |
1.95% |
2.91% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
0.12 |
1.51 |
1.96 |
1.99 |
|
Dividend 5 Yr Growth |
0.00% |
15.15% |
-1.39% |
0.08% |
|
Payout Ratio (TTM) |
- |
24.61% |
11.60% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
1.16% |
2.85% |
-0.77% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
1.46% |
5.18% |
-4.27% |
17.69% |
|
Revenue 5 Yr Growth |
-3.00% |
7.37% |
23.25% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
36.77% |
17.73% |
12.66% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
54.42% |
20.99% |
17.36% |
32.55% |
|
EPS 5 Yr Growth |
- |
7.20% |
8.65% |
9.86% |
|
Capital Spending 5 Yr Growth |
-7.62% |
-2.19% |
-14.30% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
0.17 |
0.31 |
0.63 |
1.24 |
|
Current Ratio (MRQ) |
1.75 |
1.16 |
0.97 |
1.79 |
|
LT Debt/Equity (MRQ) |
9.88 |
0.67 |
1.48 |
0.64 |
|
Total Debt/Equity (MRQ) |
10.83 |
0.77 |
1.73 |
0.73 |
|
Interest Coverage (TTM) |
1.31 |
13.62 |
4.20 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
37.24% |
27.19% |
37.46% |
45.21% |
|
Gross Margin - 5 Yr Avg |
37.80% |
26.49% |
39.96% |
44.91% |
|
EBITD Margin (TTM) |
6.60% |
8.71% |
8.34% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
6.16% |
8.30% |
13.48% |
22.84% |
|
Operating Margin (TTM) |
2.47% |
6.27% |
10.36% |
20.63% |
|
Operating Margin - 5 Yr Avg |
2.29% |
6.06% |
2.67% |
18.28% |
|
Pretax Margin (TTM) |
-0.24% |
5.79% |
6.99% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
-0.86% |
5.64% |
5.24% |
17.10% |
|
Net Profit Margin (TTM) |
-0.25% |
3.87% |
4.44% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
-1.22% |
3.64% |
2.82% |
12.10% |
|
Effective Tax Rate (TTM) |
- |
32.78% |
29.02% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
- |
34.35% |
28.67% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
-0.46% |
8.19% |
0.41% |
8.54% |
|
Return on Assets - 5 Yr Avg |
-2.15% |
8.21% |
3.69% |
8.40% |
|
Return on Investment (TTM) |
-0.63% |
7.77% |
3.14% |
7.90% |
|
Return on Investment - 5 Yr Avg |
-2.83% |
6.51% |
4.63% |
8.27% |
|
Return on Equity (TTM) |
-8.39% |
21.01% |
-2.30% |
19.72% |
|
Return on Equity - 5 Yr Avg |
-22.67% |
19.83% |
14.07% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
- |
206,838.87 |
764,536.05 |
927,613.77 |
|
Net Income/Employee (TTM) |
- |
8,146.67 |
144,529.55 |
116,121.92 |
|
Receivables Turnover (TTM) |
- |
84.46 |
16.95 |
13.25 |
|
Inventory Turnover (TTM) |
2.59 |
7.06 |
17.44 |
14.53 |
|
Asset Turnover (TTM) |
1.85 |
2.10 |
1.00 |
0.93 |
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Stock Report
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Stock History
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Standard
& Poors
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
- We have lowered our long-term sovereign credit rating on the
United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+'
short-term rating.
We have also removed both the short- and long-term ratings from
CreditWatch negative.
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
More broadly, the downgrade reflects our view that the
effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
Since then, we have changed our view of the difficulties in
bridging the gulf between the political parties over fiscal policy, which makes
us pessimistic about the capacity of Congress and the Administration to be able
to leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
The outlook on the long-term rating is negative. We could
lower the long-term rating to 'AA' within the next two years if we see that
less reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term
rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+'
short-term rating on the U.S. In addition, Standard & Poor's removed both
ratings from CreditWatch, where they were placed on July 14, 2011, with
negative implications.
The transfer and convertibility (T&C) assessment of the U.S.--our
assessment of the likelihood of official interference in the ability of
U.S.-based public- and private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal
government's other economic, external, and monetary credit attributes, which
form the basis for the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political brinksmanship of recent months highlights what we see as
America's governance and policymaking becoming less stable, less effective, and
less predictable than what we previously believed. The statutory debt ceiling
and the threat of default have become political bargaining chips in the debate
over fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily
difficult to bridge, and, as we see it, the resulting agreement fell well short
of the comprehensive fiscal consolidation program that some proponents had
envisaged until quite recently. Republicans and Democrats have only been able
to agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive measures. It
appears that for now, new revenues have dropped down on the menu of policy
options. In addition, the plan envisions only minor policy changes on Medicare
and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's takes
no position on the mix of spending and revenue measures that Congress and the
Administration might conclude is appropriate for putting the U.S.'s finances on
a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion
will be implemented over the same time period. The reductions would mainly
affect outlays for civilian discretionary spending, defense, and Medicare. We
understand that this fall-back mechanism is designed to encourage Congress to
embrace a more balanced mix of expenditure savings, as the committee might
recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the framework
of a legislative mechanism that leaves open the details of what is finally
agreed to until the end of 2011, and Congress and the Administration could
modify any agreement in the future. Even assuming that at least $2.1 trillion
of the spending reductions the act envisages are implemented, we maintain our
view that the U.S. net general government debt burden (all levels of government
combined, excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to be consistent
with a 'AA+' long-term rating and a negative outlook--we now project that net
general government debt would rise from an estimated 74% of GDP by the end of
2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign
indebtedness is high in relation to those of peer credits and, as noted, would
continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.45 |
|
UK Pound |
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SCs credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.