Large Q2 Loss for HBC
CBJ — Hudson’s Bay Co. has reported a $264 million net loss in its second quarter, which is up significantly from its loss of $63 million during the same quarter of 2017.
HBC’s net loss from continuing operations was $147 million, which was $47 million more than last year’s second quarter.
The company’s loss amounted to $1.12 per share, including 50 cents from discontinued operations and 62 cents from continuing operations.
Revenue for the owner of Hudson’s Bay, Saks Fifth Avenue and other retail chains was $2.16 billion for the quarter ended August 4, down from $2.2 billion from a year earlier.
Meanwhile, HBC has finalized a deal to merge its German department stores with its biggest rival in the European market.
HBC’s Galeria Kaufhof is going to merge with Signa Retail Holdings, the Austrian-based brand behind Karstadt, a competitor department store.
HBC chief executive Helena Foulkes said the agreement will earn HBC $616 million that will be used towards lowering debt.