Q3FY17 net sales soar 28.6% at Hudson’s Bay Group
December 09, 2016 - United States Of America
For the thirteen week period ended October 29, 2016, net sales at department store group Hudson’s Bay, soared 28.6 per cent year on year to $3,300 million, driven by acquisitions of HBC Europe and Gilt, and offset by a decline in comparable sales of 4.0 per cent. Of overall revenue, digital sales drove up 73.0 per cent over the fiscal ago quarter.
For the third quarter of fiscal 2017, adjusted EBITDA fell steeply to $89 million, down $81 million, compared to $170 million in the prior fiscal’s same quarter.
Finance costs for the reporting quarter were $48 million as against $29 million in the third quarter of previous fiscal, of which, $8 million was due to the change in non-cash finance income generated from mark to market adjustments associated with the valuation of outstanding common share purchase warrants, and $6 million was related to higher interest expense.
The group reported a net loss at $125 million in the quarter under review vis-à-vis earnings of $7 million in the third quarter of fiscal 2016.
According to Hudson’s Bay, third quarter of fiscal 2016 earnings, included a net gain of $91 million related to the dilution gains from investments in the Joint Ventures, compared to $3 million in the current fiscal. (AR)