CANADA: Hudson's Bay reports third-quarter loss
Canadian department store operator Hudson's Bay Company saw third-quarter losses widen despite recording strong same-store sales growth.
Net losses reached CAD2m over the quarter ended 27 October. This compares with a CAD1.2bn profit in the same period of the prior year, which includes the Zellers business, which was sold to Target last year. Net losses from continuing operations widened to CAD8.5m from CAD7.5m last time.
Retail sales grew 3.8% over the quarter to CAD930m, against CAD896.7m a year ago. Consolidated same-store sales increased 3.5%, including a 4.5% increase at Hudson's Bay and 5.2% on a US dollar basis at Lord & Taylor.
"As a result of our successful IPO during the third quarter, we have reduced our net debt and we are in a strong position to continue growing our business", said CFO Michael Culhane.
The retailer warned that the Hurricane Sandy impacted 80% of its Lord & Taylor stores in the US. It said the storm may negatively impact fourth quarter sales by approximately US$20m and result in moderately higher inventory levels at Lord & Taylor.
PVH has entered a distribution partnership with department store operator Hudson's Bay to sell its Tommy Hilfiger women's wear line in its stores. ...
Canadian department store retailer Hudson's Bay Company has seen its fourth-quarter net profit nearly halve, after it was forced to clear inventory at its Lord & Taylor stores across the US after Hurr...
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