Business

Hudson's Bay revenues nearly double after Saks acquisition

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.

Retailers says it is on track to meet its 2014 guidance

Hudson's Bay Richard Baker reacts in Toronto on June 17, 2014. 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. (Chris Young/Canadian Press)

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.

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