Money Hudson’s Bay shares plummet after retailer reports lower sales, almost doubled losses

09:07  07 december  2017
09:07  07 december  2017 Source:   Financial Post

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TORONTO — Sales at Hudson ’ s Bay Co. slid 4.2 per cent and losses almost doubled as the department store conglomerate saw ongoing weakness in its Lord & Taylor and European business. The retailer ’s shares plunged 11 per cent to .58 in early trading.

TORONTO — Sales at Hudson ’ s Bay Co. slid 4.2 per cent and losses almost doubled as the department store conglomerate saw ongoing weakness in its Lord & Taylor and European business. The retailer ’s shares plunged 11 per cent to .58 in early trading.

TORONTO — Sales at Hudson’s Bay Co. slid 4.2 per cent and losses almost doubled as the department store conglomerate saw ongoing weakness in its Lord & Taylor and European business.

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Hudson's Bay Co

HBC

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TORONTO — Hudson ’ s Bay chief executive Richard Baker believes the department store retailer will see an upside from the demise of Sears Canada The country’s oldest retailer disappointed investors by nearly doubling its third-quarter losses on Wednesday while overall sales at the owner of Saks

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The retailer’s shares plunged 11 per cent to $10.58 in early trading. The company’s stock had fallen 20 per cent over the last year prior to Wednesday’s market open due to the retailer’s tepid performance and concerns about the future of department stores.

HBC declared a net loss of $243 million, or $1.33 per share, compared with $125 million (69 cents) in the prior year. Analysts were expecting a net loss of $138.2 million, according to mean estimates from Thomson Reuters. Retail sales fell to $3.16 billion from $3.3 billion in the third quarter of 2016.

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Citing lower customer traffic across of its banners and higher sales promotions, chief financial officer Ed Record said overall third quarter results failed to meet management’s expectations.

“The workforce reductions made as part of our transformation plan caused some operational challenges, particularly in our digital business, which we are working to address,” he said in a statement accompanying earnings. “We know we can do better, and our highest priorities include increasing comparable sales, improving margins, and prioritizing our capital investments as we focus on further developing our digital business.”

Comparable or same-store sales, a key sales measure that strips out the effects of square footage changes, fell 5.1 per cent, and fell 3.2 on a constant currency basis. Management said same-store sales rose 0.2 per cent at Saks Fifth Avenue and were positive for the 29th consecutive quarter at Hudson’s Bay in Canada, though the company did not break out the Canadian retailer’s performance.

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Hudson ' s Bay shares plummet after retailer reports lower sales , almost doubled losses . The retailer 's shares plunged 11 per cent to .58 in early trading. The company's stock had fallen 20 per cent over the last year.

But sales in HBC’s “department store group,” which includes Hudson’s Bay in Canada, Lord & Taylor stores in the U.S. and Home Outfitters, fell 3.7 per cent.

1206hbc2: Citing lower customer traffic across of its banners and higher sales promotions, HBC's chief financial officer Ed Record said overall third quarter results failed to meet management’s expectations.© Citing lower customer traffic across of its banners and higher sales promotions, HBC's chief financi... Citing lower customer traffic across of its banners and higher sales promotions, HBC's chief financial officer Ed Record said overall third quarter results failed to meet management’s expectations.

Same-store sales slid 3 per cent at HBC Europe and by 7.6 per cent at HBC’s off price division, which includes Saks Off Fifth.

Record said the retailer will reduce its inventory in order to decrease the number of sales it is holding to clear merchandise and re-allocate resources to improve its online capabilities.

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