In the past third quarter, Canadian department store chain Hudson’s Bay had to take another loss, leading to a 250 million euro loss for 2016 up until now.
Setbacks
The Canadian chain has had to publish disappointing results in the third quarter, with a 125 million Canadian dollar (88 million euro) loss, compared to a 12 million euro net profit in last year’s third quarter.
Turnover in its current store network dropped 4 %, but new acquisitions (partly in Europe) helped boost turnover nearly 30 % to 3.3 billion Canadian dollars. The main culprit for its weaker results are the lower sales numbers for its discount formula Saks OFF 5TH in the United States.
Start in the Netherlands
The Toronto-based chain aims to launch in the Netherlands next year, at up to twenty former V&D locations for both its Hudson’s chain and its discount formula Saks OFF 5TH. In total, the company wants to invest 300 million euro into its Dutch launch operations, with the money coming from its rental partners.
Hudson’s Bay Company, founded in 1670, is North American oldest enterprise and it has ten luxurious department store and discount formulas with nearly 500 stores across the world. Its European activities entail Galeria Inno in Belgium and Galeria Kaufhof in Germany, while its North American activities include Hudson’s Bay, Saks OFF 5TH, Lord & Taylor, Saks Fifth Avenue, Gilt, Find @ Lord & Taylor and Home Outfitters.
