Hudson’s Bay reports 4,4% increase in first quarter sales
Hudson’s Bay Company’s consolidated comparable sales for the first quarter ended April 30, 2016, increased 4.4 percent.
Commenting on the first quarter review, Jerry Storch, CEO, HBC said, “In a challenging retail market, HBC’s results reflect our diversification across both geography and retail concepts. DSG had solid performance during the quarter led by the ongoing strength of Hudson’s Bay in Canada, while HBC Europe saw positive sales growth despite the recent geo-political uncertainty. Saks Fifth Avenue experienced continued headwinds. As we look to the back half of the year, we expect the execution of our all-channel strategy to drive comparable sales growth.”
On a constant currency basis, consolidated comparable sales decrease of 1 percent, department store group (DSG) comparable sales increases 2.3 percent and HBC Off Price comparable sales decreased 4.1 percent, against an increase of 10.3 percent reported in the prior year. Saks Fifth Avenue comparable sales decreased 5.7 percent. HBC Europe comparable sales increased 0.7 percent and total digital sales increased 7.4 percent on a constant currency comparable basis.