Investing.com - Financial Markets Worldwide
Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

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
-

(Adds details)
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)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.