TORONTO – Inside a possible bid to quell investor concern with the outcome of the unusually warm winter on apparel retailers, Hudson’s Bay Co. revealed partial fourth-quarter and full-year sales results Tuesday that showed a solid improvement, if you strip out the results of currency.
The Toronto-based operator of Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue reported sales at stores open for more than a year, a key retail metric referred to as same-store sales, rose 11 percent within the three-month period ended Jan. 31. On a constant currency basis, same-store sales for that important holiday quarter rose 1.8 percent. HBC reports its results in Canadian dollars and generates most its sales externally of the United States.
The Saks Fifth Avenue luxury banner, which marked its Canadian debut in Toronto last week, was the only real laggard, showing a same-store sales decline of 1 per cent in constant currency.
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At Hudson’s Bay and Lord & Taylor, same-store sales on the same basis climbed 4.7 per cent, its the off-price Saks Off 5th banner saw a rise of 6.3 per cent.
In its on the internet and digital division, sales leapt 23 per cent on a constant currency basis.
“Our growth continued within the fourth quarter, as our team executed our strategies and focused on innovation all over the world,” said chief executive Jerry Storch. “Online sales were especially strong, reflecting our focus on building superior digital capabilities and further integrating our physical and e-commerce businesses.”
For the full year, HBC posted consolidated same-store sales growth of 12 per cent, a couple.5 per cent same store sales rise in constant currency.
HBC will release full recent results for the fourth quarter and fiscal year on April 5.
