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HBC shares fall more than 10% after company announces 2,000 layoffs
TORONTO – Hudson’s Bay Co. (TSX:HBC) shares fell more than 10 per cent in early trading, a day after the company released disappointing quarterly earnings and announced it is cutting about 2,000 jobs.
CEO Jerry Storch told analysts in a conference call Friday that the company’s transformation plan is intended to put HBC ahead and stay ahead of rapid industry trends, which include a shift from in-store to online shopping.
The company released its first-quarter results after markets closed Thursday and performed worse than analysts anticipated in a number of categories, including revenue and earnings per share.
RBC Capital Markets analysts Sabahat Khan and Irene Nattel wrote in a note that they expected HBC’s shares to be weak Friday.
The company’s shares fell 10.50 per cent or $1.01 to $8.61 in early trading on the Toronto Stock Exchange.
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