Hudson’s Bay profit soars, revenue up

TORONTO – Hudson’s Bay Co. had a big increase in profit in its latest quarter as it continued to integrate the Saks luxury business into its retail operations.

HBC’s net income jumped to $111 million or 61 cents per share, in the quarter ended Jan. 31, nearly four times higher than a year earlier.

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READ MORE: Hudson’s Bay proving the department store is alive and well

The Toronto-based company had $29 million of net income or 16 cents per share in the quarter ended Feb. 1, 2014.

Sales were up about nine per cent, rising to $2.632 billion from $2.407 billion.

The company is one of Canada’s biggest retailers and has a significant presence in the United States.

It operates a total of 322 stores under the Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue, OFF 5th and Home Outfitters brands.