Hudson’s Bay Profits Leap

The Hudson’s Bay Company reported net earnings almost quadrupled in the fourth quarter ended Jan. 31 from a year earlier, to $111 million from $29 million in the year-ago period. On a per share basis, earnings from continuing operations practically tripled to 61 cents a share from 21 cents. Normalized earnings, before interest, taxes, depreciation and amortization came to $318 million in the last quarter, versus $253 million in the year-ago period. Total sales in the quarter rose 9.3 percent to over $2.6 billion, and 3.2 percent on a same store basis. The department store group which includes Hudson’s Bay and Lord & Taylor saw same-store sales grow 2.3 percent. Saks Fifth Avenue had a same-store sales increase of 2.6 percent. Saks Fifth Avenue Off-5th had a same-store sales increase of 12.1 percent, while digital sales gained 35.1 percent. “We are pleased with our fourth quarter and full year operating and financial results,” stated Richard Baker, HBC’s governor and executive chairman. “It was a strong conclusion to a successful year for our company. Sales growth, further progress with the Saks integration and continued strength at HBC Digital has us well-positioned to deliver on our fiscal 2015 strategic priorities and initiatives.” RELATED CONTENT: WWD Earnings Tracker

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