December 06, 2017 - 4:50 AM
TORONTO - Hudson's Bay Co. lost $243 million in its latest quarter as sales fell compared with a year ago.
The retailer (TSX:HBC) says the loss amounted to $1.33 per diluted share for the 13 weeks ended Oct. 28 compared with a loss of $125 million or 69 cents per diluted share a year ago.
Retail sales totalled $3.16 billion, down from $3.30 billion in the same quarter last year.
Consolidated comparable sales fell 3.2 per cent on a constant currency basis and 5.1 per cent as reported.
The company says that while its Saks Fifth Avenue and Hudson's Bay businesses performed well, its overall third-quarter results did not meet expectations.
It says that job cuts made as part of its transformation plan caused some operational challenges, particularly in its digital business.
HBC's banners include Hudson's Bay, Lord and Taylor, Saks Fifth Avenue, Gilt, Saks Off 5th, German department store group Galeria Kaufhof and Galeria Inno, a department store chain in Belgium.
News from © The Canadian Press, 2017