By The Canadian Press on September 12, 2019.
TORONTO – Hudson’s Bay Co. reported a loss of $984 million in its latest quarter compared with a loss of $280 million in the same quarter last year.
The retailer says the loss amounted to $5.35 per share for the quarter ended Aug. 3 compared with a loss of $1.45 per share a year ago.
Excluding one-time items, HBC says its normalized net loss for the quarter was $171 million compared with a normalized net loss of $85 million in the same quarter last year.
Revenue totalled $1.9 billion, roughly the same as a year ago, while overall comparable sales fell 0.4 per cent.
Saks Fifth Avenueâ€™s comparable sales grew 0.6 per cent, while Hudson’s Bay’s comparable sales fell 3.4 per cent in the quarter. Saks Off 5th comparable sales increased 3.4 per cent.
The company’s results came as it evaluates an offer by a group led by HBC chairman Richard Baker to buy the retailer and take it private.
The Baker group has offered $9.45 per share, but the company has said an initial analysis suggested the bid was “inadequate.”
Companies in this story: (TSX:HBC)
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