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Sep 10, 2015
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Saks-owner Hudson's Bay posts 15.2 pct rise in sales

Sep 10, 2015

Hudson's Bay Co reported a 15.2 percent rise in quarterly sales as the department store operator gained from its strengthening online presence.

The company, which has also been opening more Saks OFF 5TH stores in the United States, said total same-store sales rose 4.2 percent in the second quarter.

Hudson's Bay

Hudson's Bay, which had gained from Target Corp's exit from Canada in the first quarter, said on Thursday that overall online sales jumped 30 percent in the quarter ended Aug.1.

Same-store sales at Saks OFF 5TH rose 12.7 percent, while same-store sales at its luxury chain, Saks Fifth Avenue, rose only 0.1 percent.

Earlier in June, Hudson's Bay bought Germany's department store chain, Kaufhof, from Metro for 2.8 billion euros ($3.13 billion) to help expand into Europe and has said it aims to expand Kaufhof's e-commerce business "aggressively".

The company reported a net profit of C$67 million ($51 million), or 33 Canadian cents in the second quarter, compared with a net loss of C$36 million, or 23 Canadian cents per share, a year earlier.

Sales rose to C$2.04 billion from C$1.77 billion a year earlier.

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