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Bon-Ton Oct. sales fall 11.1 percent, miss views
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YORK, Pa. - Bon-Ton Stores Inc. said Thursday October same-store sales fell 11.1 percent as the weak economy hurt consumer spending.
The result was worse than the 10 percent decline expected by analysts in a Thomson Reuters poll.
Same-store sales track sales at stores open at least a year and are considered a key measure of retail strength.
"Weather was clearly not the main issue behind the sales decline; the macroeconomic environment is uppermost in the consumer's mind," said Tony Buccina, vice chairman and president of merchandising.
Total sales in the month ended Nov. 1 slid 10.7 percent to $218.4 million. For the quarter that ended the same day, same-store sales dropped 8.3 percent and total sales fell 7.2 percent to $724.9 million.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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