Hudson’s Bay Company reports it had a $54-million net loss in the first quarter.

On an adjusted basis, which filters out certain one-time items, the loss equalled 18 cents per share, compared with an analyst estimate of five cents per share, but HBC said operating results met management expectations.

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The company’s retail sales from Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue and other banners totalled $2.072 billion, which was in line with estimates compiled by Thomson Reuters.

Same-store sales increased 2.7% after adjusting for currency fluctuations.

Compared with the same time last year, HBC’s revenue was up $217 million or 11.7% — helped by a stronger U.S. dollar and improved performance at Saks and its older department store group.

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