Hudson's Bay Co (HBC.TO) on Thursday reported a 2.9-per-cent decline in quarterly sales, saying fewer customers shopped in its stores, which include Saks Fifth Avenue and Lord & Taylor, amid a continuing shift toward online shopping.
The Toronto-based retailer disclosed the sales slump after Macy's (M.N) and Kohl's (KSS.N) reported bigger-than-expected declines in their sales early on Thursday, causing retail stocks to fall on concerns about the ongoing struggle by retailers to attract customers.
Hudson's Bay shares were among those that fell, dropping 5.6 per cent to $10.69 in trading that closed before it released its sales figures.
The Toronto-based company said same-store sales fell 2.4 per cent at its department store group, which includes Lord & Taylor, while comparable sales at Saks declined 4.8 per cent.
Its discount banners, which include Saks Off 5th, fell 6.8 per cent. Comparable sales were flat in Europe. The figures are for the quarter ended April 29, on a constant currency basis.
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