BUSINESS

Hudson's Bay Co. Posts $54-Million Loss Even As Revenue, Sales Rise

06/10/2015 07:29 EDT | Updated 06/10/2016 05:59 EDT
THE CANADIAN PRESS/AP, Nathan Denette
TORONTO - Hudson's Bay Company reports it had a $54-million net loss in the first quarter.

The loss equalled 30 cents per share, compared with an analyst estimate of five cents per share, but HBC said operating results met management expectations.

The company's retail sales from Hudson's Bay, Lord & Taylor, Saks Fifth Avenue and other banners totalled $2.072 billion, which was in line with estimates compiled by Thomson Reuters.

Same-store sales increased 2.7 per cent after adjusting for currency fluctations.

Compared with the same time last year, HBC's revenue was up $217 million or 11.7 per cent — helped by a stronger U.S. dollar and improved performance at Saks and its older department store group.

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