Retailer Hudson’s Bay Co. posts $400M Q1 loss, revenue totals $3.09B

Retailer Hudson’s Bay Co. posts $400M Q1 loss, revenue totals $3.09B

TORONTO — Hudson’s Bay Co. posted a loss of $400 million in its latest quarter compared with a loss of $221 million a year ago.

The retailer says the loss amounted to $1.70 per share for the fiscal first quarter ended May 5 compared with a loss of $1.21 per share in the same quarter last year.

On a normalized basis, HBC says its loss per share for the quarter amounted to $1.22 compared with a normalized loss of $1.15 per share a year ago.

Analysts on average had expected a loss of 87 cents per share, according to Thomson Reuters Eikon.

Revenue totalled nearly $3.09 billion, up from nearly $3.06 billion a year ago.

On Monday, HBC signed a deal to sell Gilt, an online retail business, to rival Rue La La.

 

Companies in this story: (TSX:HBC)

The Canadian Press

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