HBC posts lower Q3 loss as Saks Fifth Avenue drives improvement in overall sales

HBC posts lower Q3 loss as Saks Fifth Avenue drives improvement in overall sales
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TORONTO — Hudson’s Bay Co. says it had a smaller overall third-quarter loss than last year as sales increased by 5.6 per cent to $2.2 billion, with its Saks Fifth Avenue brand of luxury retail stores continuing to show improvements.

The Toronto-based retailer’s net loss was $164 million or 69 cents per share, including discontinued operations

That’s down from last year’s net loss $243 million or $1.33 per share in last year’s third quarter, including discontinued operations.

HBC listed its European arm as a discontinued operation after agreeing to sell its controlling interest during the second quarter.

HBC Europe had $974 million of sales in the third quarter and a net loss of $41 million, down from $107 million.

HBC’s continuing operations had a loss of $124 million or 52 cents per share, compared with $116 million or 64 cents per share last year.

Comparable-store sales from continuing operations increased 2.9 per cent overall, with Saks Fifth Avenue up 7.3 per cent and the Saks OFF 5th off-price brand down 2.3 per cent on a comparable-sales basis.

Comparable-store sales at the group that includes Hudson’s Bay, Lord & Taylor and Home Outfitters were up 0.9 per cent before adjusting for the timing of an annual promotional event.

Companies in this story: (TSX:HBC)

The Canadian Press

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