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Hudson's Bay declares quarterly dividend of $0.05/share
Sep '14
Canadian fashion retailer Hudson’s Bay Company (HBC) has announced that the Company’s Board of Directors has approved a quarterly dividend for holders of the Company’s common shares in the amount of $0.05 per common share. The dividend will be paid on October 15, 2014 to shareholders of record at the close of business on September 30, 2014.

The dividend is designated as an “eligible dividend” for Canadian tax purposes.

Retail sales of HBC during the second quarter of 2014 ending on August 2, 2014 were $1,769 million, an increase of $821 million or 86.6% from $948 million compared to the second quarter of the previous year. The increase was driven by the inclusion of Saks Fifth Avenue, a departmental store, which contributed higher gross profit as a percentage of retail sales than Legacy HBC.

HBC reported a 35% year-on-year EBITDA surge for the second fiscal quarter or 13-week period ended August 2, 2014. Normalized EBITDA as a percentage of retail sales was 4.6%, compared to 6.3% for the previous year.

Hudson’s Bay, founded in 1670, is one of the leading North America’s commercial companies. Hudson’s Bay is Canada’s most prominent department store with 90 full-line locations, one outlet store and thebay.com. The leading banners of Hudson’s Bay include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue and Saks Fifth Avenue OFF 5TH. (GK)

Fibre2fashion News Desk - India

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