Hudson’s Bay Experiences 60% Hike

Hudson’s Bay Co., a Canadian department store operator declared a 60 percent climb in quarterly sales, aided by its expansion in Europe and the procurement of online retailer Gilt.

Last year, Hudson’s Bay which also owns US luxury retail chain, Saks Fifth Avenue, also bought German department store chain Galeria Kaufhof and its Belgian counterpart, Inno, from Metro for about $2.7-billion.

It also intends to open up 20 stores in the Netherlands. Moreover, the first five Saks OFF 5TH stores in Germany have been scheduled to begin operations next summer.

Founded in 1670 and the oldest unceasingly operating company in North America, Hudson’s Bay is growing in Europe to assist in minimizing the impact of challenging markets in the United States and Canada.

Additionally, it operates its namesake department stores in Canada and the Lord & Taylor chain in the United States.

According to Hudson’s Bay, it anticipates sales for the fiscal year 2016 to “trend towards the bottom end” of its forecast of $14.9-billion to $15.9-billion due to the “overall retail environment.”

The company’s total retail sales increased to $3.25-billion from $2.04-billion.

Compared to a profit of $59-million or 28 cents per share experienced earlier this year, Hudson’s Bay reported a net loss of $142-million or 78 cents per share at the end of its second quarter which ended July 30^th.

2015’s second quarter saw the company with a pre-tax gain of $133-million.