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Hudson's Bay Co (HBC.TO)

HBC.TO on Toronto Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Land and buildings issues letter to Hudson’s Bay shareholders regarding potential call of special meeting to remove directors
Monday, 31 Jul 2017 09:23am EDT 

July 31 (Reuters) - Hudson's Bay Co :Land and Buildings issues letter to Hudson’s Bay shareholders regarding potential call of special meeting to remove directors.Land and Buildings - is a shareholder of hudson's bay with ownership approaching 5% of the company's outstanding shares.Land and Buildings says recently met with senior management team of Hudson’S Bay, including executive chairman and CEO to discuss concerns‍​.Land and Buildings says Hudson's Bay should exit Europe by selling Galeria Kaufhof real estate, operations, or both, with proceeds distributed to shareholders.Land and Buildings says ‍believe Saks fifth avenue location could be worth in excess of c$16 ‍per share net of debt​.Land and Buildings says Hudson's Bay should ‍develop a plan for each asset in US and Canadian joint ventures​.Land and Buildings says Hudson’s Bay should migrate back to its roots as a canadian retailer.Land and Buildings says there should be thorough review of all hudson's bay capital expenditures related to existing assets, new store openings, m&a ambitions.Land and buildings says ‍a management led buyout of Hudson's Bay "could be an intriguing avenue to pursue for all parties​".  Full Article

Land and Buildings issues letter to Hudson's Bay board
Monday, 19 Jun 2017 08:00am EDT 

June 19 (Reuters) - Hudson's Bay Co :Land and buildings issues letter to hudson’s bay board calling on company to evaluate all strategic alternatives to maximize value.Land and buildings says highest value and best use of hudson’s bay’s real estate "likely not as department stores".Land and buildings - hudson’s bay should evaluate monetization or repurposing of real estate, being taken private by management.  Full Article

Hudson's Bay says savings to include consolidating services, decreasing vendors
Friday, 9 Jun 2017 09:58am EDT 

June 9 (Reuters) - Hudson's Bay Co ::Says may take additional real estate actions; could include sale of additional equity in joint ventures assets and potential IPO of either or both joint ventures.CEO says company savings to include aligning purchasing contracts among banners, decreasing number of vendors, consolidating purchasing in areas like media, services and supply chain.Chairman Richard Baker says continues to believe there are M&A opportunities around world.CEO says Europe management also heavily focused on managing costs, conditions in Europe very different due to unionized workforce.CEO says signed agreement after Kaufhof purchase that limits cuts in first several years.CEO says streamlined company structure going forward will make any future acquisition easier to integrate.CEO says Lord & Taylor are pretty productive department stores.Baker: looking very, very carefully at opening any stores it presently does not have any commitments for.  Full Article

Hudson's Bay Co Qtrly loss per share C$1.21
Thursday, 8 Jun 2017 04:06pm EDT 

June 8 (Reuters) - Hudson's Bay Co ::Hudson's Bay Co - Q1 retail sales decreased 3.0 pct to $3.2 billion, a decrease of 2.9 pct on a constant currency comparable basis.Hudson's Bay Co - Q1 comparable digital sales increased 5.4 pct on a constant currency basis.Qtrly loss per share C$1.21.Q1 earnings per share view C$-0.76, revenue view C$3.28 billion -- Thomson Reuters I/B/E/S.Hudson's Bay Co - continues to expect total capital investments in fiscal 2017, net of landlord incentives, to be between $450 million and $550 million.Hudson's Bay Co- inventory at end of q1 increased by $299 million compared to prior year.Hudson's Bay Co - all figures in C$.  Full Article

Hudson's Bay to cut about 2000 jobs
Thursday, 8 Jun 2017 04:05pm EDT 

June 8 (Reuters) - Hudson's Bay Co ::Hudson's Bay Co - announced its transformation plan.Hudson's Bay Co - expected to generate more than C$350 million in annual savings when fully implemented.Hudson's Bay Co - plan includes a reduction of approximately 2,000 positions in North America to create a flatter, more nimble organization.Hudson's Bay Co - approximately C$170 million in savings is anticipated to be realized during fiscal 2017.Hudson's Bay Co - expects one-time charges related to this initiative of approximately C$95 million over next 12 months.Hudson's Bay Co - within HBC's department store group (dsg), separate leadership teams have been established to run each banner independently.Hudson's Bay Co - Alison Coville has been named president of Hudson's Bay and will have end-to-end responsibility for canadian banners.Hudson's Bay Co - digital technology joins company's broader it organization to form HBC Technology Group.Hudson's bay co - store operations across all of hbc's north american banners will be centralized.Hudson's Bay Co - over next 12 months, expects to identify opportunities "to leverage size and scale of its business to generate significant savings".Hudson's Bay - Janis Leigh promoted to chief human resources officer; Janet Schalk, chief technology officer, will lead HBC Technology Group.  Full Article

HBC announces comparable sales results for the first quarter ended April 29, 2017
Thursday, 11 May 2017 05:15pm EDT 

May 11 (Reuters) - Hudson's Bay Co ::HBC announces comparable sales results for the first quarter ended April 29, 2017.Hudson's Bay - on constant currency basis, consolidated comparable sales decrease of 2.9% for quarter beginning jan. 29, 2017 & ending April 29, 2017.  Full Article

HBC says engaged executive search firm to assist in recruiting CFO
Tuesday, 2 May 2017 04:10pm EDT 

May 2 (Reuters) - Hudson's Bay Co :HBC announces departure of chief financial officer.Hudson's bay co - Paul Beesley, has made decision to resign in early july.Hudson's Bay Co - Beesley will continue in his role over next two months to ensure a smooth transition.Company has engaged a executive search firm to assist in recruiting a new cfo.  Full Article

Hudson’s Bay Company Q4 loss per share $0.83
Tuesday, 4 Apr 2017 04:30pm EDT 

Hudson's Bay Co : Hudson’S Bay Company reports fourth quarter and fiscal 2016 financial results . Q4 retail sales increased 2.5% to $4.6 billion . Q4 comparable digital sales increased 13.3% on a constant currency basis . $75 million in annualized savings expected from initiative announced as part of company's ongoing comprehensive operational review . Q4 results include a non-cash goodwill impairment charge of $116 million related to HBC off price . Net capital investments in fiscal 2017 are expected to be between $450 million and $550 million . Inventory at end of Q4 decreased by $28 million compared to prior year . Qtrly loss per share $0.83 . Company expects to combine inventory at Saks OFF 5th and Gilt by end of year . Currently engaged in a cross-banner review of "productivity enhancements designed to make improvements in company's operating model" . Still believe both Saks OFF 5th and Gilt have "strong strategies in place with potential to generate long term profitable growth" . Gross capital investment is expected to be between $1,025 million and $1,125 million in 2017 .Q4 revenue view C$4.48 billion -- Thomson Reuters I/B/E/S.  Full Article

Hudson's Bay turns focus away from Macy's to Neiman Marcus, in talks to buy Neiman - CNBC
Tuesday, 14 Mar 2017 10:46am EDT 

Hudson's Bay Co : Hudson's Bay turns focus away from Macy's to Neiman Marcus and is in talks to buy Neiman in deal excluding debt - CNBC, citing DJ ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Hudson's Bay Q4 consolidated comparable sales fall 1.2 pct
Thursday, 23 Feb 2017 04:05pm EST 

Hudson's Bay Co : Hudson's Bay company announces comparable sales results for the fourth quarter ended January 28, 2017 . Hudson's Bay Co says has finalized an initiative to reduce expenses by rationalizing its corporate functions and overhead across North America . Hudson's Bay Co says annualized savings from initiative are expected to be approximately $75 million, majority of which are expected to be realized in 2017 . Hudson's Bay Co says in conjunction with initiative, company anticipates incurring one-time severance charges approaching $30 million . Hudson's Bay Co says initial savings from co's ongoing comprehensive operational review are expected to offset some of pressures facing business in 2017 . Hudson's Bay Co says , in fiscal 2017, company expects to pay significantly more variable compensation to its associates when compared to fiscal 2016 .Hudson's Bay - on a constant currency basis, consolidated comparable sales decrease of 1.2 pct for quarter beginning Oct. 30, 2016 and ending Jan. 28, 2017.  Full Article

UPDATE 1-Hudson's Bay taps J.C. Penney for new CFO

Aug 17 Canadian retailer Hudson's Bay Co on Thursday named former J.C. Penney Co Inc executive Edward Record as its chief financial officer, effective Aug 28.