(Bloomberg) -- Turnaround efforts are starting to pay off for Hudson’s Bay Co., which reported an increase in same-store sales driven by luxury chain Saks Fifth Avenue.

Key Insights

• The Toronto-based retailer reported a smaller third-quarter loss than a year earlier. Comparable same-store sales, a metric closely watched by analysts, climbed 2.9 percent. Including the impact of a promotional event that was moved forward, sales rose 1.2 percent.
• Efforts to sharpen the fashion assortment and build more bridges between online and offline shopping at luxury chain Saks Fifth Avenue are paying off, with same-store sales up 7.3 percent.
• In contrast, Saks OFF 5th chain reported a 2.3 percent drop in comparable sales despite efforts underway to turn around business at the 133 stores.
• The company improved its gross profit margin by reducing discounts.

Market

• Stock has fallen 20 percent this year through Tuesday’s close, more than twice the decline of the main Canadian stock market gauge.
• For more details on the results, click here.

To contact the reporter on this story: Sandrine Rastello in Montreal at srastello@bloomberg.net

To contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, David Scanlan

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