Jun 5, 2018
HBC reports wider-than-expected Q1 loss; shares fall
The Canadian Press
TORONTO - Hudson's Bay Co. posted a loss of $400 million in its latest quarter compared with a loss of $221 million a year ago.
Shares of HBC fell at the market open Tuesday.
The retailer says the loss amounted to $1.70 per share for the fiscal first quarter ended May 5 compared with a loss of $1.21 per share in the same quarter last year.
On a normalized basis, HBC says its loss per share for the quarter amounted to $1.22 compared with a normalized loss of $1.15 per share a year ago.
Analysts on average had expected a loss of 87 cents per share, according to Thomson Reuters Eikon.
Revenue totalled nearly $3.09 billion, up from nearly $3.06 billion a year ago.
On Monday, HBC signed a deal to sell Gilt, an online retail business, to rival Rue La La.
