Retailer Hudson’s Bay Company posts first quarter Q1 profit on higher sales

By on June 3, 2014


Hudson's Bay Company Canada. Wikimedia Commons photo
Hudson’s Bay Company Canada. Wikimedia Commons photo

TORONTO — Hudson’s Bay Company (TSX:HBC) is reporting first-quarter net earnings from continuing operations of $176 million, compared with a loss of $22 million in the same quarter of 2013.

Earnings per share were 97 cents compared with a loss of 19 cents year-over-year.

Retail sales increased to $1.85 billion, up from $884 million in the same quarter last year.

Digital sales, important to the company’s future growth, were $207 million in the quarter and included sales at Hudson’s Bay Company, Saks and Lord & Taylor.

Same stores sales, which are stores that have been open for at least a year, were up 2.8 per cent year-over-year.

HBC said it completed the sale and lease back of its Queen Street flagship store and Simpson Tower office complex in Toronto for a purchase price of $650 million and used most of the net proceeds to reduce debt.