HBC Shares Down on Low Earnings Report
CBJ — Hudson’s Bay Co. (HBC) is being forced to close as many as 10 of its Lord & Taylor stores through next year after posting bigger losses in the first quarter.
Quarterly revenus improved to $3.09 billion from $3.06 billion in the same quarter of last year but it wasn’t enough to cover off added expenses resulting in an overall loss of about $400 million, compared with a $221 million loss in 2017.
Investors were none too happy with the news sending the stock down by more than 7% soon after the opening bell on the Toronto Stock Exchange.
As part of the cutbacks HBC will close the Lord & Taylor store in its former flagship New York City Fifth Avenue location, which the company said back in October 2017 it was selling to office-sharing company WeWork.