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Sept. 12, 2019, 7:59 a.m. EDT

Saks Fifth Avenue parent reports wider losses, sales miss

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By Tonya Garcia

SPX

Hudson's Bay Co. reported a second-quarter net loss of C$984 million, including discontinued operations, or C$5.35 per share, after a loss of C$280 million, or C$1.45 per share, for the same period last year. Net loss from continuing operations was C$462 million, or C$2.51 per share. Revenue of C$1.85 billion was down from C$1.86 billion last year. The FactSet consensus was for a loss of C$0.57 per share and sales of C$2.13 billion. Hudson's Bay's portfolio includes its namesake chain and the luxury department store Saks Fifth Avenue. Hudson's Bay announced in late August that it was selling Lord & Taylor to clothing rental subscription company Le Tote for US$132.7 million. Consolidated same-store sales fell 0.4%, though same-store sales for Saks Fifth Avenue rose 0.6%. The Hudson's Bay chain reported a 3.4% same-store sales decline. FactSet forecast a 0.7% same-store sales drop. "With the Lord & Taylor sale agreement, our focus is now squarely on Saks Fifth Avenue and Hudson's Bay - businesses that have the greatest potential for HBC amid the consolidating industry," said Chief Executive Helena Foulkes, in a statement. Hudson's Bay stock has gained 40% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.48% is up 19.7% for the period.

/zigman2/quotes/210599714/realtime
US : S&P US
3,044.31
+14.58 +0.48%
Volume: 4.38B
May 29, 2020 5:14p
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