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

  • China's richest man Jack Ma says he has 'great chemistry' with Trudeau

    Economic CTV News
    Alibaba founder and China’s richest man Jack Ma says he and Prime Minister Justin Trudeau have now met five times and have “great chemistry.” “See, the PM this morning talked about cutting the red tapes and improving the business environment,” Ma told BNN’s Jon Erlichman Monday after their latest meeting in Toronto. Source
  • Ottawa begins public consultations on dealing with corporate wrongdoing

    Economic CTV News
    MONTREAL -- The federal government kicked off nearly two months of public consultations Monday on revising efforts to address corporate wrongdoing, including the possible introduction of a deferred prosecution agreement regime. Engineering and construction firm SNC-Lavalin (TSX:SNC) has led the charge for deferred prosecution agreements (DPA) found in other countries as a way to resolve criminal fraud charges it faces. Source
  • South Dakotans oppose Canadian company's gold search

    Economic CTV News
    ROCHFORD, S.D. -- Some private landowners are opposing a Canadian company's search for gold in a remote area of South Dakota's Black Hills National Forest. Mineral Mountain Resources has submitted an operating plan to the forest for more than 20 drilling sites on federal land a couple miles south of Rochford. Source
  • Alberta creates advisory team to assist cities bidding for second Amazon HQ

    Economic CTV News
    CALGARY -- The Alberta government is stepping in to help Edmonton and Calgary bid for retail giant Amazon's second headquarters. Premier Rachel Notley says the team will assist the cities to make the best bids while selling the assets the province has to offer. Source
  • Satya Nadella aims to make Microsoft mighty — and mindful

    Economic CTV News
    Satya Nadella, the Microsoft CEO who kept the company relevant as its primary PC software business faded, could write a book about the challenges he faced. And he has ... but it's not a tell-all memoir. Source
  • Donald Trump on jobs of the future LIVE

    Economic CBC News
    Rohingya Muslims fleeing Myanmar describe military's violence and killings 2:50 Rohingya Muslims fleeing Myanmar describe how they faced violence and killings by the Burmese military, prompting thousands of them to flee to neighboring Bangladesh. Source
  • JetBlue latest U.S. airline to back Bombardier in fight with Boeing

    Economic CTV News
    MONTREAL -- JetBlue is the latest U.S. airline to back Bombardier in its trade dispute with Boeing, ahead of the expected imposition of preliminary export duties on shipments to the United States. The airline has urged the U.S. Source
  • Ontario has lost 1,000 planned rental units since new housing rules introduced:report

    Economic CTV News
    TORONTO -- A group representing Ontario's rental-housing providers says at least 1,000 planned rental units have been cancelled or converted to condominiums since the provincial government introduced new rent control rules in the spring. A new report commissioned by the Federation of Rental-Housing Providers of Ontario says the Liberal government's Fair Housing Plan has negatively impacted the province's rental housing supply. Source
  • Ontario has lost 1,000 planned rental units since new housing rules introduced: report

    Economic CTV News
    TORONTO -- A group representing Ontario's rental-housing providers says at least 1,000 planned rental units have been cancelled or converted to condominiums since the provincial government introduced new rent control rules in the spring. A new report commissioned by the Federation of Rental-Housing Providers of Ontario says the Liberal government's Fair Housing Plan has negatively impacted the province's rental housing supply. Source
  • Cenovus sells Suffield for $416M to International Petroleum

    Economic CBC News
    Canada's Cenovus Energy Inc has reached an agreement to sell its Suffield oil and gas assets for $512 million to International Petroleum Corp, striking its second deal this month as it pushes ahead with its debt reduction plan. Source