Third Quarter Highlights (13-week period ended November 2, 2013)
-Consolidated sales of $984.1 million, a 5.8% increase compared to the third quarter of 2012.
-Same store sales:
-Consolidated same store sales grew 5.7%, or 3.8% on a constant currency basis.
-Hudson's Bay same store sales grew 6.4%.
-Lord & Taylor same store sales grew 1.6% on a U.S. dollar basis.
-E-commerce sales were $48.9 million, an increase of 58.3% compared to the third quarter of 2012.
-Normalized EBITDA was $64.3 million, an increase of $16.4 million compared to the third quarter of 2012.
-Normalized net earnings were $0.07 per share, compared to $0.00 per share in the third quarter of 2012.
-Opened both a full line Lord & Taylor store in Boca Raton, Florida and five new Topshop/Topman stores across Canada, as well as completed significant renovations at six locations across North America.
13 week period ended November 2, 2013
All comparative figures below and in the "Highlights" section and are for the 13-week period ended November 2, 2013 compared to the 13-week period ended October 27, 2012.
Retail sales were $984.1 million for the 13-week period ended November 2, 2013, an increase of $53.7 million, or 5.8%, from $930.4 million for the 13-week period ended October 27, 2012. Consolidated same store sales increased by 5.7% (3.8% on a constant currency basis), with an increase of 6.4% at Hudson's Bay and an increase of 1.6% on a U.S. dollar basis at Lord & Taylor.
Sales at Hudson's Bay were driven by strong performance of ladies' and men's apparel, ladies' shoes, handbags and accessories, as well as Topshop/Topman stores. Sales growth was particularly evident at those stores and store areas that have received recent renovations.
For example, at the Vancouver flagship store that received a major renovation in Fiscal 2012, sales were up over 30%. Sales at Lord & Taylor were driven by relative strength in men's apparel and shoes and improved performance in ladies' apparel and handbags. E-commerce sales grew to $48.9 million, an increase of 58.3% compared to the third quarter of Fiscal 2012, reflecting the Company's strategic focus on growing this channel.
Gross profit was $395.9 million, or 40.2% of retail sales, for the 13-week period ended November 2, 2013, compared to $362.7 million, or 39.0% of retail sales, for the 13-week period ended October 27, 2012. Gross profit in the quarter ended October 27, 2012 was impacted by a $9.3 million charge from higher than expected book-to-physical inventory adjustments. As a result, the Company implemented inventory control processes and corrective actions to ensure this would not be an ongoing issue.
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