Hudson's Bay swings to net profit in Q3; revenue up on higher store, online sales

TORONTO -- Hudson's Bay Company (TSX:HBC) says it swung to a profit in the third quarter as the operator of the Bay, Lord & Taylor and Saks Fifth Avenue stores among others reported an increase in both in-store and e-commerce sales.

See Full Article

In a report issued after markets closed, the company said net earnings in the most recent period were $1 million, compared with a net loss of $13 million in the comparable year-earlier period.

Consolidated sales growth was 34.1 per cent at $2.566 billion, up $653 million from $1.913 billion in the prior-year period.

Same-store sales growth rose 12.9 per cent, or two per cent on a constant currency basis, it said.

Digital sales increased of 36.3 per cent, or 23.9 per cent on a constant currency basis.

During the quarter, HBC closed its acquisition of the Kaufhof Group, which has most of its stores in Germany.

HBC executive chairman Richard Baker said that with the addition of HBC Europe during the quarter, "we now generate the majority of our sales outside the U.S., and have a significant European retail platform from which we can explore additional growth opportunities."



Advertisements

Latest Economic News

  • Death threats and abuse for woman leading Brexit court fight

    Economic CTV News
    LONDON -- Gina Miller is paying the price for going to court. The financial entrepreneur says she has received death threats and racial and sexual abuse since she won a High Court ruling forcing the British government to seek Parliamentary approval before leaving the European Union. Source
  • Air Miles rep: 'Options' may exist for panic redeemers

    Economic CTV News
    Air Miles Canada may have thought abandoning its unpopular expiration policy would calm the cardholder backlash from those who rushed to spend miles, but were frustrated by full flights, sold out merchandise, and long customer service delays. Source
  • Irving mill faces steep fines after being charged with polluting St. John River

    Economic CTV News
    SAINT JOHN, N.B. -- Irving Pulp and Paper is facing 15 counts of polluting the St. John River at its mill near the Reversing Falls tourist attraction. An Environment Canada spokesman says Irving has been charged under federal Fisheries Act provisions on the deposit of harmful substances into fish-bearing water. Source
  • Costco investigated over allegations pharmacy directors accepted kickbacks for certain brands

    Economic CBC News
    Costco is being investigated by Ontario's Ministry of Health for its compliance with the province's legislation on selling pharmaceutical and over-the-counter drugs. The health ministry investigation comes after the Ontario College of Pharmacists (OCP) announced it would hold disciplinary hearings for two Costco pharmacy directors because of allegations that they accepted Source
  • Costco to be investigated by government over compliance with drug-selling rules

    Economic CTV News
    TORONTO -- Costco is being investigated by Ontario's Ministry of Health for its compliance with the province's legislation on selling pharmaceutical and over-the-counter drugs. The health ministry investigation comes after the Ontario College of Pharmacists announced it would hold disciplinary hearings for two Costco pharmacy directors because of allegations that they accepted kickbacks for stocking certain brands. Source
  • United Airlines will pay US$2.4 million to settle with SEC

    Economic CTV News
    WASHINGTON -- The parent company of United Airlines will pay US$2.4 million to settle civil charges by securities regulators over flights that were started to help an official who oversaw one of the airline's hub airports. Source
  • 4 of world's biggest cities have plans to get diesel off their streets

    Economic CBC News
    Four of the world's largest and most polluted cities have decided to ban diesel cars and trucks from their streets by 2025. The mayors of Paris, Mexico City, Madrid and Athens announced the commitment in Mexico City on Friday at the C40 Mayors' Summit, a meeting of city leaders. Source
  • U.S. health care tab hits $3.2T; fastest growth in 8 years

    Economic CTV News
    WASHINGTON -- The nation's health care tab grew at the fastest rate in eight years in 2015, driven by the coverage expansion in President Barack Obama's law and by costly prescription drugs, the government said Friday. Source
  • Stelco begins hiring to fill key roles as it prepares to operate independently

    Economic CTV News
    HAMILTON -- The Stelco name is back and the southern Ontario steelmaker says it has launched a hiring program as it prepares to resume functions that have been performed outside the country while it has been a subsidiary of U.S. Source
  • Snap, crackle, populism: Why Breitbart is calling for a Kellogg boycott

    Economic CBC News
    Breitbart News, the conservative U.S. news and opinion website known for its vociferous support of president-elect Donald Trump, is calling on readers to boycott Kellogg food products after the company pulled advertising from the website. Anti-Kellogg content dominated the top of the Breitbart homepage Friday, as the website urged people to "Sign the petition never to buy Kellogg's again!" Source