TORONTO — Hudson’s Bay Co. reported its fourth-quarter revenue slipped to $2.89 billion, down from $3.05 billion a year earlier when the quarter included an extra week.
Excluding the extra week, revenue in the quarter ended Feb. 2 was down $47 million or 1.6 per cent compared with a year ago.
Overall comparable store sales for the quarter were down 1.4 per cent, while they increased 3.9 per at HBC’s Saks Fifth Avenue stores and fell 5.2 per cent at its Hudson’s Bay, Lord & Taylor and Home Outfitters stores. Saks Off Fifth comparable sales declined 2.1 per cent.
HBC reported a net profit of $286 million or $1.20 per share for the quarter, up from $84 million or 39 cents per share in the same quarter last year.
However, the retailer said it lost $226 million or 95 cents per share from its continuing operations compared with a profit of $180 million or 84 cents per share a year ago.
HBC announced in February it would shutter its Home Outfitters business and was eyeing the closure of up to 20 of its Saks Off Fifth locations in a bid to increase profitability.
Companies in this story: (TSX:HBC)
The Canadian Press