The post-holiday period sees Hudson’s Bay Company retail sales at $1.85 billion with a first-quarter net earning of $176 million. The $971 million increase from last year includes $207 million of digital sales, including the sales at Hudson’s Bay Company, Saks and Lord & Taylor. Same store sales were also up by 2.8 per cent. A representative said that the company has officially sold the Queen Street flagship store and Simpson Tower office complex in Toronto for $650 million, which helped pay off some debts. The company previously bought U.S. retailer Saks in late 2013 and plans to bring it to Canada.
“Overall first quarter performance was in the range of our expectations,” HBC Governor and CEO Richard Baker said in a news release on Tuesday.
“We are encouraged by the business trends witnessed through the quarter, which bode well for the balance of this year,” he said.
In the future the company wants to focus more on digital sales and open up more stores in the U.S. and Canada. CJ