Bon-Ton Stores Posts Lower Profit
York, Pa. Apparel and home-furnishings retailer Bon-Ton Stores reported a lower quarterly profit on Tuesday, as softer sales led to higher markdowns.
Fourth-quarter earnings totaled $75.2 million, down 15% from $88.4 million a year earlier. (The year-earlier quarter had an extra week.)
Total revenue fell approximately 9% to $1.17 billion, and comparable-store sales fell 3.6% at Bon-Ton and Carson’s banners.
Fiscal 2007 same-store sales decreased 6.5%, and total sales for the 52-week period for fiscal 2007 increased 0.1% to $3.365 million compared to $3.362 million for the prior year, which consisted of 53 weeks.
Last year, Bon-Ton doubled its size as it worked to integrate the Carson’s store group and some Parisian outlets purchased in 2006. However, the company reports that capital spending in 2008 would be less than 2007.