Hudson's Bay revenues nearly double after Saks acquisition
Retailers says it is on track to meet its 2014 guidance
Hudson's Bay Co. had a $13-million net loss in its fiscal third quarter and "normalized" earnings of $116 million, both improvements from the same time last year.
Retail sales for the Toronto-based company that owns Hudson's Bay Co., Lord & Taylor and other retail banners, nearly doubled to $1.913 billion from $984 million a year earlier.
The increased sales was mostly a result of the Saks Fifth Avenue acquisition, although sales through electronic commerce also grew.
HBC's net loss amounted to seven cents per share, compared with $1.05 or $125 million in the third quarter of 2013.
Its normalized earnings were up from $63 million in last year's third quarter, an increase of 84 per cent.
Hudson's Bay also said it's on track to meet its 2014 guidance, which calls for sales of between $7.8 billion and $8.1 billion and normalized earnings of between $580 million and $620 million.