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UPDATE 1-Canadian retailer Hudson's Bay profit misses as costs rise

Published 2016-04-04, 06:41 p/m
© Reuters. UPDATE 1-Canadian retailer Hudson's Bay profit misses as costs rise
HBC
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April 4 (Reuters) - Department store operator Hudson's Bay
Co HBC.TO reported a smaller-than-expected quarterly profit as
expenses soared and sales at established Saks Fifth Avenue
stores dropped.
The company's cost of sales rose 74 percent in the fourth
quarter ended Jan. 30, while its selling, general and
administrative expenses almost doubled.
Saks Fifth Avenue, the company's luxury chain, reported a
1.2 percent drop in sales in stores open at least 13 months on a
constant currency basis, due to high competition.
Hudson's Bay raised its 2016 sales forecast to C$14.9
billion-C$15.9 billion from C$14.2 billion-C$15.2 billion to
reflect the revenue from online luxury retailer Gilt Groupe
Holdings Inc, which it bought in January.
The company, whose roots in Canada date back to 1670, said
online sales in the fourth quarter rose 61.6 percent.
The company's total retail sales rose to C$4.49 billion in
the quarter from C$2.63 billion a year earlier, helped by the
2.8 billion euros acquisition of German department store
operator Kaufhof.
Net profit rose to C$370 million ($283 million), or C$1.88
per share, from C$115 million, or 62 Canadian cents per share.
Excluding items, Hudson's Bay posted a profit of 79 Canadian
cents per share, lower than the average analyst estimate of 99
Canadian cents, according to Thomson Reuters I/B/E/S.
($1 = C$1.31)

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