Huge third quarter loss for Hudson’s Bay

Huge third quarter loss for Hudson’s Bay

Canadian Hudson’s Bay suffered a huge loss in its third quarter of 2017. Its turnover also slumped compared to the year before.


Hudson’s Bay’s total third quarter turnover reached 3.16 billion Canadian dollars (2.1 billion euro), down 4.2 % compared to 2016 (3.3 billion dollars). There was also a 3.2 % like-for-like turnover drop.


Hudson’s Bay blamed its weak like-for-like performance on the hurricanes’ effect in Texas, Florida and Puerto Rico. It also welcomed fewer customers and had more marketing deals.


Increase margins

Its profit numbers were also hit hard: its net loss grew from 125 million dollars to 243 million dollars (160 million euro) in 2017, its seventh straight onerous quarter. When the results were published, the share took a 16 % hit on the Canadian stock exchange.


The company hopes it can increase margins thanks to a smaller stock, which would lead to fewer discounts in order to get rid of excess stock. In the next few years, it will also invest more in online sales, as these only grew 2.1 % in the third quarter. It will also cut costs, the effects of which should become clearly visible next year.

Questions or comments? Please feel free to contact the editors

Gerelateerde items

Alibaba subsidiary on its way to Belgium


Chinese Alibaba is looking whether it will open an Ant Financial store in Brussels, but it has not taken a final decision just yet. Its subsidiary is focused on financial products, like Alipay.

Unilever will cut jobs at Belgian retail sales team


Unilever Belgium will restructure its team of store representatives and cut eleven jobs. The company confirmed that to RetailDetail.

Decent profit for The Sting in fiscal year 2016


Fashion chain The Sting generated a profit once more in 2016, after it had to deal with a more than 5 million euro loss in the year before. Affiliate brand Costes also generated a profit in its fiscal year 2016.

Ceconomy issues profit alert for first quarter


Media Markt and Saturn’s parent company, Ceconomy, issued an alert warning it would probably have weaker first quarter results.

Retail & wholesale support EU Plastics Strategy


(Content provided by EuroCommerce) The retail and wholesale sector sees the publication of the EU Plastics Strategy as a welcome step towards a more circular economy, which it hopes will transform the way plastics are produced, used and discarded.

Lower turnover and new CEO for Geox


Italian shoe brand Geox’ turnover dropped slightly in the past fiscal year. It also replaced former CEO Gregorio Borgo with Matteo Mascazzini, who came from Italian fashion brand Gucci.

Back to top