Company News

Hudson's Bay first-quarter loss widens, says it will sell Gilt

TORONTO, June 4 (Reuters) - Canada’s Hudson’s Bay Co said on Tuesday its first-quarter loss widened as sales across most of its divisions fell and costs rose, and the department store chain said it would sell its unprofitable online banner Gilt.

The owner of the Saks Fifth Avenue luxury retailer reported a net loss of C$400 million ($308.48 million), or C$1.70 a share, in the quarter ended May 5, following a net loss of C$221 million, or C$1.21 per share, a year earlier.

Its adjusted net loss excluding one-time items was C$286 million, compared with analyst expectations of C$200.5 million, according to Thomson Reuters I/B/E/S.

$1 = 1.2967 Canadian dollars Reporting By Nichola Saminather; Editing by Bernadette Baum