Michael Kors

September 27, 2017

Good day and welcome to The Bon-Ton Stores, Incorporated Fiscal Fourth Quarter and Full Year 2014 Earnings Results Conference Call. Today’s conference is being recorded. At the end of management’s formal remarks, there will be a question-and-answer session.At this time, I would like to turn the conference over to Jean Fontana at ICR. Please go ahead, ma’am.Jean Fontana – Managing Director-Retail, Apparel & Footwear, ICR LLCThank you. Good morning. And welcome to Bon-Ton’s fourth quarter fiscal 2014 conference call. Ms. Kathy Bufano, President and CEO and Mr. Keith Plowman, Executive Vice President and CFO will host today’s call.You may access a copy of the earnings release on the company’s website at www.bonton.com. You may also obtain a copy of the earnings release by calling 203-682-8200. The statements contained in this conference call, which are not historical facts, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Actual results might differ materially from those projected in such statements due to a number of risks and uncertainties, including those set forth in the cautionary note in the earnings release, and all of which are described in the company’s filings with the SEC.With that, I’d like to turn the call over to Ms. Kathy Bufano.Kathryn Bufano – President, Chief Executive Officer & Director Thank you, Jean. Good morning and welcome. Thank you for joining us today. During my first six months here, I’ve focused my time on meeting with management teams across the business. I’ve also visited many stores, observing and speaking with sales associates and customers. Based on these interactions, I’m confident our merchant, store and support teams will be able to successfully execute our strategic growth plans.

I am partnering with and leading these teams to drive improved performance. I see great potential in many pockets of the business and I’m excited by all the opportunities we’ve identified for growth. We have a number of initiatives underway to increase relevance with our customers and strengthen our capabilities.I’ll turn to some brief highlights on the fourth quarter followed by a discussion of our plans for 2015 and the longer term. Keith will provide you with greater financial detail of the quarter and I’ll follow with our financial outlook and guidance for the year.As we indicated in our press release in January, we were pleased with the sales increases we generated during the holiday period. However, we didn’t achieve these sales as profitably as we would have liked due to the very promotional environment and higher omnichannel delivery cost. Our focus was on driving sales, and we delivered on that metric as comp store sales increased 4.3% in the quarter, in the mid-range of our guidance, largely driven by an increase in transactions.

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