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Hudson’s Bay reduces loss in seasonally weak first quarter to $80.7 million
TORONTO – Hudson’s Bay Co. (TSX:HBC) says its loss in the first quarter was smaller and revenue was higher than last year, with its Canadian retail operations showing the biggest improvement.
HBC lost $80.7 million including discontinued operations in the quarter ended May 4, down from $129.7 million in the first quarter of 2012.
Retail sales rose by 4.2 per cent to $884 million from $848.2 million in the comparable 13-weeks ended April 28, 2012.
Hudson’s Bay stores in Canada had 7.6 per cent same-store sales growth, offset by a 1.4 per cent decline at Lord & Taylor stores in the United States.
The Toronto-based company says sales at Lord & Taylor were affected by unfavourable weather trends.
Sales at Hudson’s Bay were driven by strong performance of men’s apparel, ladies’ shoes, cosmetics, handbags, accessories and certain home categories.
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