Check out the grim view from Bon-Ton.
The department store operator not only posted a drop in fourth-quarter profit, hurt by higher markdowns,but its chief executive also said he expects the macro-economic environment tobe difficult this year.
“We will operate to a conservative plan in order to maintain our strong financial position,” CEO Bud Bergren said.
Bon-Ton, whichoperates the Elder-Beerman, Boston Store and Carson Pirie Scott stores,expects same-store sales to be down 1to 2 percent this year.
Theweak results come after major department store chains — from JC Penney to Nordstrom — reported lower February same-store sales last week, as recession-wary consumers pull back on purchases of furniture and women’s clothing.
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Altria units set long-term targets
(Photo: Logo from bonton.com Web site)
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