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.
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.