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Canadian department store operator Hudson's Bay Company swung to a profit in its first-quarter after its acquisition of Saks last year more than doubled retail sales.
Higher costs related to its CAD2.9bn (US$2.63bn) acquisition of luxury retailer Saks resulted in a 67% decline in fourth-quarter profit for Canadian department store operator Hudson's Bay Company.
Wayne Meichner, president and COO of Ralph Lauren Retail Group, is to leave the business after 12 years.
Canadian department store retailer Hudson's Bay Company has created a new digital division, which will be led by Michael Burgess.
Department store retailer Hudson's Bay Company is to open its first two Saks stores in Canada, as part of a sale and leaseback deal with Cadillac Fairview.
A $2.9bn deal that brings together the Hudson's Bay, Lord & Taylor and Saks Fifth Avenue brands into a combined company with 320 stores in the US and Canada was finally confirmed last week after months of speculation.
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