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Hudson's Bay Q3 sales climb 5.6% to $2.2bn

Dec '18
Courtesy: Hudson
Courtesy: Hudson's Bay Company
Hudson's Bay Company (HBC) has witnessed 5.6 per cent rise in sales in the third quarter of fiscal 2018 to $2.2 billion. During the second quarter, the company entered into an agreement to sell its controlling interest in HBC Europe and to form a strategic partnership for its European businesses. This transaction closed subsequent to the third quarter end.

"We are encouraged by the ongoing improvement of our business, with year to date Adjusted EBITDA of $151 million, up $106 million from the prior year. The bold strategic actions we are taking are beginning to pay off, and the recent closing of the European transaction will now allow us to concentrate on the North American business," said Helena Foulkes, HBC’s chief executive officer. "While we are optimistic about the progress and opportunities that lie ahead for HBC, we recognize there is more work to be done to further generate growth and greater profitability. We are driving our retail performance with a firm emphasis on fixing the fundamentals and improving our omni-channel customer experience."

"While each of our businesses offers a unique value proposition, we are making strategic decisions to focus our efforts on the areas with the greatest opportunities for growth. Saks Fifth Avenue’s exceptional performance further solidifies its leading position within the luxury segment and we are continuing to drive the upside in the business. Performance at Hudson’s Bay has been solid, and we believe that there is a tremendous opportunity to build on our strength in the market as Canada’s preeminent multi-category retailer. Improved sales trends and better profitability at our smallest businesses, Lord & Taylor and Saks OFF 5TH, are also encouraging as we start to reposition those businesses for the future," Foulkes added.

"We are focused on unlocking value for shareholders,” said Richard Baker, HBC’s governor and executive chairman. "In the last year alone HBC has brought in new effective leadership, sold Gilt, rightsized the Lord & Taylor business and generated significant proceeds from the European transaction and the value creation from certain of our leaseholds. These actions have led to the improved financial results that the company has reported so far this year. We continue to be focused on executing our strategy to increase the profitability of our retail business while unlocking the value of our extraordinary real estate portfolio." (RR)

Fibre2Fashion News Desk – India

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December 2019

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