HBC posts $226-million quarterly loss, hurt by restructuring charge GlobeBusiness
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.Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to
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