Hudsons Bay revenue slips as sales fall at all stores except Saks

first_img Email More Join the conversation → Share this storyHudson’s Bay revenue slips as sales fall at all stores except Saks Fifth Avenue Tumblr Pinterest Google+ LinkedIn 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.Related Stories:Walgreens third-quarter profit falls 23.6%Corona maker Constellation Brands beats quarterly sales estimatesCintas Corporation Announces Record Fiscal 2019 Results Sponsored By: The Canadian Press April 3, 20197:48 AM EDTLast UpdatedApril 3, 20198:30 AM EDT Filed under News Retail & Marketing Saks Off Fifth comparable sales declined 2.1 per cent.Bloomberg ← Previous Next → Commentcenter_img Facebook Recommended For You’This keeps us in the game’: GM throws Oshawa plant a lifeline with $170M investment that will save 300 jobsTrans Mountain construction work can go ahead as National Energy Board re-validates permitsDavid Rosenberg: Deflation is still the No. 1 threat to global economic stability — and central banks know itBank of Canada drops mortgage stress test rate for first time since 2016The storm is coming and investors need a financial ark to see them through 0 Comments advertisement Featured Stories Twitter Reddit What you need to know about passing the family cottage to the next generation Hudson’s Bay revenue slips as sales fall at all stores except Saks Fifth Avenue Revenue falls 1.6% last_img

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