HBC profit jumps to $111M as Saks proves a hit in Canada

Written By doni icha on Selasa, 07 April 2015 | 22.39

Hudson's Bay Co. had a big increase in profit in its latest quarter as it continued to integrate the Saks luxury business into its retail operations.

HBC's net income jumped to $111 million or 61 cents per share, in the quarter ended Jan. 31, nearly four times higher than a year earlier.

The Toronto-based company had $29 million of net income or 16 cents per share in the quarter ended Feb. 1, 2014.

Sales were up about nine per cent, rising to $2.632 billion from $2.407 billion.

Sales were especially strong at Saks, where same store sales increased 2.6 per cent. Saks' outlet line, Saks off 5th, did even better, with same store sales up 12.1 per cent.

Online sales across the chain were also strong, up 35 per cent to $304 million.

The company is one of Canada's biggest retailers and has a significant presence in the United States.

It operates a total of 322 stores under the Hudson's Bay, Lord & Taylor and Saks Fifth Avenue, OFF 5th and Home Outfitters brands.


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