CANADA: Hudson's Bay Q3 net loss widens
- Q3 net losses widen toC$124.2m
- Net sales grow 5.8%
- Acquisition costs hit earnings
The company's net loss widened to CAD124.2m (US$117.2m) in the three months ended 2 November from CAD14.4m a year earlier. The drop was mainly due to the cost of buying US-based luxury retailer Saks for US$2.9bn, which closed last month.
Excluding acquisition-related and restructuring costs, Hudson's Bay earned C$8.9m from a loss of CAD300,000 in the prior year period.
Consolidated sales, however, were up 5.8% to CAD984.1m, while same store sales grew 5.7%.
For the fourth quarter, Hudson's Bay is forecasting sales of CAD1.37bn to CAD1.41bn and normalized EBITDA of CAD160m to CAD180m.
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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....
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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....
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