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The Bon-Ton Stores, Inc., headquartered in York, Pennsylvania, was founded in 1898 by the father and grandfather of the current Chairman of the Board of Directors, M. Thomas (Tim) Grumbacher. The Bon-Ton is a regional department store chain committed to growth and increasing shareholders’ return by delivering exceptional value to our customers. Our 64 stores are located in middle and secondary markets where we provide customers a convenient, one-stop shopping alternative and where competition from large national chains is more limited than in major metropolitan markets. The Bon-Ton features a distinctive mix of quality branded and private label merchandise with special emphasis on fashion apparel, accessories, cosmetics and home furnishings at price points targeted to the moderate to better shopper.
In recent years, the overall trend within the department store industry has been to solidify relations with vendors in an effort to keep inventories lean and to move merchandise more quickly through the door. To better manage their inventory, The Bon-Ton has invested in management information systems and continues to update both hardware and software. Control of the company’s merchandising activities is maintained by an assortment of on-line systems including point-of-sale and sales reporting, purchase order management, receiving and merchandise planning. This highly sophisticated network gives management the ability to track merchandise from order to sale.
In the highly competitive retail environment, in general, and the department store sector, in particular, individual chains must differentiate themselves from the pack. One of the ways The Bon-Ton Stores, Inc. accomplishes this identity is by emphasizing customer service and presentation at the store level.
Over the years, The Bon-Ton has grown by building, buying and integrating stores in an effort to increase the size of the company’s base. The Bon-Ton Stores have experienced rapid expansion since 1986 with acquisitions, in particular, playing a major role in the corporate growth strategy.
Management Team:
M. Thomas (Tim) Grumbacher, Chairman of the Board, joined the Company in 1961 and has been Chairman of the Board since August 1991.
Heywood L. Wilansky, President and Chief Executive Officer, joined the Company in August 1995. Prior to joining the company, Mr. Wilansky was employed by The May Department Stores Company for more than 19 years, serving as President and Chief Executive Officer of the Foley’s division from 1992 to 1995.
Michael L. Gleim, Vice Chairman and Chief Operating Officer, joined the company in 1989 as Executive Vice President and Chief Administrative Officer. He became Senior Executive Vice President in June 1991, and in December, 1995 was promoted to his current position. Mr. Gleim was employed by Federated Department Stores, Inc. for more than 25 years.
Significant Recent Events:
- For the fiscal year 1996 ended 2/1/97, The Bon¨Ton announced net income was $6.8 million, or $0.61 per share. This compares with a net loss of $9.2 million, or $0.83 per share, reported for the comparable period last year. Total sales for the fifty-two week period ended February 1, 1996 increased 4.1% to $626.5 million versus the fifty-two week period ended January 27, 1996. Comparable store sales for fiscal 1996 increased 4.2%. Total sales for the fifty-three weeks ended February 1, 1997 increased 3.1% versus the fifty-three weeks ended February 3, 1996.
- January 20, 1997, The Bon¨Ton announced the election of Lawrence J. Ring to its Board of Directors. Dr. Ring is a professor of Business Administration at the College of William and Mary. he also serves on the Board of Directors of Sportmart, Inc., is the author of various published works on marketing management and retail strategy and has a consulting and executive education practice. His appointment increases the Board to eight members.
- January 11, 1997, the company closed five stores as part of a commitment to eliminate underperforming assets. Two of those stores had been designated for short-term operation only. The Bon¨Ton will continue to serve local customers from nearby store locations.
- October 30, 1996, the company announced that Samuel J. Gerson was elected to the Board of Directors. Mr. Gerson currently serves as Chairman and Chief Executive Officer of Filene’s Basement.
FINANCIAL HIGHLIGHTS: SEE PRESS RELEASE
DATED MARCH 6, 1997
Sales Release Dates for Fiscal 1997 Release Date Sales Period March 6, 1997 February 1997 April 10, 1997 March 1997 May 8, 1997 April 1997 June 5, 1997 May 1997 July 10, 1997 June 1997 August 7, 1997 July 1997 September 4, 1997 August 1997 October 9, 1997 September 1997 November 6, 1997 October 1997 December 4, 1997 November 1997 January 8, 1998 December 1997 February 5, 1998 January 1998
Earnings Release Dates for Fiscal 1997 Release Date Quarter May 22, 1997 1st Quarter 1997 August 21, 1997 2nd Quarter 1997 November 20, 1997 3rd Quarter 1997 March 4, 1998 (Tentative) 4th Quarter 1997
CORPORATE OFFICESThe Bon Ton Stores, Inc.
Investor Relations
2801 East Market Street
York PA 17402
(717)751-3071Or via the Internet:
Mary Kerr at ir@bonton.comEXCHANGE LISTING
Nasdaq - ticker symbol "BONT"
TRANSFER AGENT AND RECORDKEEPER
ChaseMellon Shareholders Services
450 West 33rd. Street, 15th. Floor
New York, New York 10001
(212) 946-7144
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