UPDATE: Bon-Ton Stores Posts Drop In Q4 Profit, Issues Weak Forecast

Bon-Ton Stores BONT reported a drop in its fourth-quarter profit and announced that its CEO Brendan Hoffman will leave the company next year. Bon-Ton's quarterly net income slipped to $61.3 million, or $3.04 per share, versus a year-ago profit of $74.4 million, or $3.71 per share. However, analysts were expecting a profit of $2.74 per share. Its revenue declined 10% to $914.9 million versus $1.02 billion. However, analysts expected revenue of $979 million. Its sales at stores open at least a year slipped 7.3%. Bon-Ton Stores expects FY14 earnings of $0.40 to $0.70 per share, versus analysts' estimates of $0.81 per share. Bon-Ton Stores shares fell 8.65% to $9.93 at 11:00 a.m. ET.