June 9 (Reuters) - Hudson's Bay Co HBC.TO
* Hudson's Bay company reports first quarter 2016 financial
results
* Confirms fiscal 2016 sales and earnings guidance
* Qtrly comparable sales up 4.4 pct
* Board of directors has approved a quarterly dividend of
$0.05 per common share
* Qtrly retail sales $3,303 million versus $2,072 million
* Recently began a voluntary restructuring program in
merchandising department of its european operations
* In North America, HBC has also outsourced it systems
maintenance positions.
* Confirming sales, adjusted EBITDAR and EBITDA outlook for
fiscal 2016
* Hudson's Bay Co qtrly loss per share $0.53
* Expects to record total charges of approximately $21
million related to these two initiatives, of which $12 million
was recorded in Q1 of 2016
* "currently evaluating other cost savings opportunities"
* 2016 outlook assumes overall low single digit comparable
sales growth, calculated on a constant currency basis
* Entered into an agreement to modify its leasehold
interests in Saks Fifth Avenue Stores at Short Hills Mall in NJ
& Honolulu, Hawaii
* Expects in fiscal 2016 will make higher than normal
investments in growth initiatives
* Expects in fiscal 2016 total capital investments, net of
landlord incentives, expected to be between $750 million and
$850 million
* Co will get total proceeds of $99 million from
modification of leasehold interests
* Sets quarterly dividend of c$0.05 per share
* 2016 outlook assumes overall low single digit comparable
sales growth, calculated on a constant currency basis
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