Hudson’s Bay Company (HBC) 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, though 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%.
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.
“We are pleased with our third quarter financial performance,” Richard Baker, HBC’s governor and chief executive officer, said in a statement.
“We remain on track with our integration of Saks and continue to gain traction on our strategic growth initiatives, especially at HBC Digital where we experienced substantial sales growth.”
As of Nov. 1, the company had 328 locations: 90 Hudson’s Bay, 50 Lord & Taylor and 69 Home Outfitters plus 39 Saks Fifth Avenue and 80 Off 5th locations.
