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Hudson's Bay aims to boost Kaufhof sales significantly - paper

Published 2015-10-01, 03:05 p/m
© Reuters. Hudson's Bay aims to boost Kaufhof sales significantly - paper
CECG
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HBC
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FRANKFURT, Oct 1 (Reuters) - Canadian retailer Hudson's Bay
Co HBC.TO aims to increase sales significantly over the next
five years at its recently-acquired German department store
chain Kaufhof, its chairman told a German newspaper.
Hudson's Bay managed to increase revenue by 30 percent over
a period of five years "and this is what we are also aiming for
in Germany", Executive Chairman Richard Baker was quoted as
saying by Handelsblatt.
The Saks owner bought Germany's leading department store
chain from Metro MEOG.DE for 2.8 billion euros ($3.1 billion),
aiming to use it as a launch pad to expand into
Europe. ID:nL5N0Z10BT
Kaufhof's 120 stores occupy prominent locations in most
major towns and cities, employing 21,500 staff and making sales
of 3.1 billion euros. It also operates 16 stores in Belgium.
The deal, the largest German inbound M&A this year, came as
department stores are starting to enjoy a revival by investing
in ecommerce in tandem with revamped flagship stores.
Hudson's Bay lifted its sales forecast on Wednesday, saying
it expected sales and earnings for the fiscal years ending in
January 2016 and 2017 to "increase significantly" following cost
cuts and the Kaufhof acquisition. ID:nL3N1204PW
($1 = 0.8942 euros)

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