Hudson’s Bay Co. reported a double-digit jump in sales as the retailer’s department stores saw shoppers spend more.
The company’s retail sales from Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue and other banners totalled $2.072 billion, which was in line with estimates compiled by Thomson Reuters.
Same-store sales — an important retail metric that shows the ongoing pace of sales — increased 2.7 per cent after adjusting for currency fluctuations.
MORE: Hudson’s Bay showing the department store is alive and well
Compared with the same time last year, HBC’s revenue was up $217 million or 11.7 per cent — helped by a stronger U.S. dollar and improved performance at Saks and its older department store group.
HBC, which trying to expand sales through the roll out of its Off 5th and Saks banners in Canada and the United States, reports a loss of $54-million in the first three months of the year.
The retailer chalked up the loss to higher administrative expenses and cost of sales.
Comments