Hudson’s Bay posts wider 3rd-qtr loss on higher expenses, JV losses

Fawad Maqsood December 5, 2018

TORONTO: Canadian department store chain Hudson’s Bay Co reported a wider third-quarter loss on Wednesday as depreciation and amortization expenses rose and joint venture losses increased.

The owner of the Saks Fifth Avenue luxury retailer reported a net loss from continuing operations of C$124 million ($93.36 million), or 52 Canadian cents a share, for the three months ended Nov. 3, compared with a loss of C$116 million, or 64 cents, a year earlier.

Including Hudson’s Bay’s European operations, which are in a joint venture with Austrian rival Signa Holding, the company posted a net loss of C$164 million, or 69 Canadian cents a share, narrowing from C$243 million, or C$1.33 a share, a year earlier.

Copyright Reuters, 2018

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