Hudson's Bay Co. sales get bump from currency fluctuation, digital sales
Saks Fifth Avenue and Hudson’s Bay Queen Street pictured three days prior to the opening of the new Canadian flagship Saks store, Toronto, Ont., Feb. 15, 2016. (THE CANADIAN PRESS IMAGES/Rachel Verbin)
The Canadian Press
Published Tuesday, February 23, 2016 8:16AM EST
TORONTO - Hudson's Bay Co. has given investors a preliminary look at its financial performance at the end of last year.
The Toronto-based company (TSX:HBC) says same-store sales growth was up 11 per cent overall -- although that was boosted by a higher U.S. dollar compared with the Canadian currency that HBC uses for financial reporting.
On a constant-currency basis, sales at HBC stores that have been open for at least a year were up 1.8 per cent overall.
Saks Fifth Avenue lagged the other parts of HBC's retail group, with same-store sales down 1.0 per cent on a constant-currency basis.
HBC's older banners, including Hudson's Bay and Lord & Taylor, had same-store sales rise 4.7 per cent and its Saks Off 5th banner had a 6.3 per cent increase in same-store sales.
Sales through HBC's online and digital channels were up 22.8 per cent on a constant currency basis in the three months ended Jan. 31, which includes the important holiday shopping season.