Canadian Manufacturing

Hudson’s Bay Co. reports $984M second quarter loss, $1.9B in revenue

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

September 12, 2019  The Canadian Press

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%.

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Saks Fifth Avenue’s comparable sales grew 0.6% while Hudson’s Bay’s comparable sales fell 3.4% in the quarter. Saks Off 5th comparable sales increased 3.4%.

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.”