Bon-Ton announces loss due to write-downs, falling sales

New York City Bon-Ton Stores reported a fiscal fourth-quarter net loss, due to the write-down of deferred tax and other assets. The regional department store operator also said demand continued to slump and projected a wider loss for the full year than analysts were expecting.

For the quarter ended Jan. 31, the company reported a net loss of $87.7 million, compared with net income of $75.2 million in the year-ago period. The loss in fourth quarter 2008 included non-cash asset impairment charges.

Same-store sales decreased 9.7%, compared with the prior year period. Total sales for the 13 weeks decreased 9.4% to $1.0 million, compared with $1.1 million for the prior year period.

For fiscal 2008, the company reported a net loss of $169.9 million. Same-store sales for the year fell 7.4%. Total sales decreased 7.0% to $3.1 million, compared with $3.3 million for the prior year period.