Chain Store Age
Despite capitalizing on the value of its real estate portfolio and
swinging to its first profit in eight quarters, Hudson’s Bay Co. missed
earnings expectations for the fourth quarter. Disappointing performances
by the retail giant’s European chain, discount banners, and Lord &
Taylor, and problems with its cost-cutting plan, all took a toll on the
retail giant, whose overall same-store sales fell.
Retail sales increased 2.1% to C$4.7 billion, helped by an additional
week of sales. Overall comparable sales across all banners during the
quarter decreased 2.4%. Same-store sales fell 2.6% at the department
store group, consisting of Hudson’s Bay, Lord & Taylor and Home
Outfitters, amid lower traffic. The company’s discount banners,
including Gilt and Sake Off-Fifth, also did not perform well. A bright
spot was Saks Fifth Avenue, whose same-store sales rose 2.1%, the third
consecutive quarter of growth.. . . more
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