Hudson’s Bay Company has announced the financial results for the fourth quarter and fiscal year ended February 3, 2018. It reported the net income of US $ 84 million in the fourth quarter as compared to the net loss of US $ 152 million in the same quarter last fiscal.
The reporting quarter witnessed a 2.1 per cent increase in retail sales to US $ 4,695 million while comparable sales declined by 2.4 per cent. However, sales at its European and discount operations struggled in the period under review.
Brand-wise, Saks Fifth Avenue reported a 2.1 per cent growth in comparable sales for the third consecutive quarter. Comparable sales for Hudson Bay reported growth in the 30th consecutive quarter, however, it reported a 2.6 per cent decline in comparable sales.
Comparable sales growth at Saks Fifth Avenue during the fourth quarter was the highest in three years. However, in the press statement issues, the company said that it is not pleased with the recent performance and will continue to take actions to improve its operating results.
During the reporting quarter, the company opened one Saks OFF 5TH store in Amsterdam in the Netherlands and six Home Outfitters stores were closed in Canada. It also closed seven Sportarena stores located in Bonn, Wuppertal, Kassel, Düsseldorf, Freiburg, Osnabrück and Aalen in Germany.
The fashion company said it mulls to launch 10 new stores this year, including a new Hudson’s Bay in LaSalle, Quebec, and close about 10 stores, including three Lord & Taylor stores, one Hudson’s Bay in Quebec and six Home Outfitters in Canada. Currently, it has around 480 stores in North America and Europe.
Further, during the fiscal, the HBC announced key leadership appointments including Helena Foulkes’s selection as the new Chief Executive last month, with an aim to better position its retail operations.
