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