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Money Hudson’s Bay shares plummet after retailer reports lower sales, almost doubled losses

09:07  07 december  2017
09:07  07 december  2017 Source:   financialpost.com

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TORONTO (Reuters) - Hudson ’ s Bay Co (HBC.TO) on Wednesday reported its seventh consecutive quarterly loss , missing analyst estimates on lower retail sales in a brutal retail environment, putting its shares on track for their biggest one-day drop on record.

Hudson ’ s Bay shares fell sharply on Wednesday after the retailer reported a much worse-than-expected quarterly loss , with both overall revenue and comparable store sales declining by more than 3%.

TORONTO — Sales at Hudson’s Bay Co. slid 4.2 per cent and losses almost doubled as the department store conglomerate saw ongoing weakness in its Lord & Taylor and European business.

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Hudson's Bay Co

HBC

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TORONTO, Canada — Hudson ' s Bay on Wednesday reported a wider-than expected quarterly loss , missing analysts estimates amid lower retail sales , as the Canadian department store operator battled with a challenging retail environment.

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The retailer’s shares plunged 11 per cent to $10.58 in early trading. The company’s stock had fallen 20 per cent over the last year prior to Wednesday’s market open due to the retailer’s tepid performance and concerns about the future of department stores.

HBC declared a net loss of $243 million, or $1.33 per share, compared with $125 million (69 cents) in the prior year. Analysts were expecting a net loss of $138.2 million, according to mean estimates from Thomson Reuters. Retail sales fell to $3.16 billion from $3.3 billion in the third quarter of 2016.

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Welcome to Hudson ' s . Immerse yourself in a true waterfront dining experience aboard a 160 foot yacht. Our menu of indulgent dishes made with seasonal ingredients from the Hudson Valley are the perfect pairing to an evening on the water.

Citing lower customer traffic across of its banners and higher sales promotions, chief financial officer Ed Record said overall third quarter results failed to meet management’s expectations.

“The workforce reductions made as part of our transformation plan caused some operational challenges, particularly in our digital business, which we are working to address,” he said in a statement accompanying earnings. “We know we can do better, and our highest priorities include increasing comparable sales, improving margins, and prioritizing our capital investments as we focus on further developing our digital business.”

Comparable or same-store sales, a key sales measure that strips out the effects of square footage changes, fell 5.1 per cent, and fell 3.2 on a constant currency basis. Management said same-store sales rose 0.2 per cent at Saks Fifth Avenue and were positive for the 29th consecutive quarter at Hudson’s Bay in Canada, though the company did not break out the Canadian retailer’s performance.

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Canada’s oldest department store chain lost 3 million in its latest quarter as some Hudson ’ s Bay Co. banners failed to grow sales . The retailer said Wednesday the third-quarter loss amounted to .33 per diluted share for the 13 weeks ended Oct.

Hudson ' s Bay Company. PDF. Although a late arrival to the Oregon Country fur trade, for nearly two decades in the early nineteenth century the British Hudson ’ s Bay Company (HBC) dominated the region’s social, economic, and political life while ensuring profit to its shareholders.

But sales in HBC’s “department store group,” which includes Hudson’s Bay in Canada, Lord & Taylor stores in the U.S. and Home Outfitters, fell 3.7 per cent.

1206hbc2: Citing lower customer traffic across of its banners and higher sales promotions, HBC's chief financial officer Ed Record said overall third quarter results failed to meet management’s expectations.© Citing lower customer traffic across of its banners and higher sales promotions, HBC's chief financi... Citing lower customer traffic across of its banners and higher sales promotions, HBC's chief financial officer Ed Record said overall third quarter results failed to meet management’s expectations.

Same-store sales slid 3 per cent at HBC Europe and by 7.6 per cent at HBC’s off price division, which includes Saks Off Fifth.

Record said the retailer will reduce its inventory in order to decrease the number of sales it is holding to clear merchandise and re-allocate resources to improve its online capabilities.

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