Hudson's Bay posts smaller loss as Canadian sales rise
TORONTO, June 12
TORONTO, June 12 (Reuters) - Hudson's Bay Co reported a smaller quarterly loss on Wednesday as strength at its namesake chain partly offset a weather-related drop in same-store sales at Lord & Taylor.
Shares of Toronto-based HBC, which operates Hudson's Bay in Canada and Lord & Taylor in the United States, have languished since the company's initial public offering in November. That partly reflects concern about competition from Target Corp , which bought its first Canadian leases from HBC.
HBC's loss narrowed to 12 Canadian cents per share, excluding special items, in the first quarter ended on May 4 from 22 Canadian cents a year earlier.
The company declared a dividend of 0.09375 Canadian cents per common share, payable on July 15 to shareholders of record on June 29.
The retailer said consolidated sales rose 4.2 percent to C$884.0 million. Same-store sales, or stores open for at least 13 months, increased 4 percent, with an increase of 7.6 percent at Hudson's Bay and a decline of 1.4 percent at Lord & Taylor on a U.S. dollar basis.