HBC posts flat fiscal year
By Furniture Today Staff -- Furniture Today, March 31, 2002
Toronto — Revenues for The Hudson's Bay Company, which operates The Bay department stores and leading Canadian discount retailer Zellers, essentially were flat in its fiscal year ended Jan. 31.
The Bay's annual sales slipped 1.3% to C$2.7 billion, with a 4.8% dip in same-store sales. Zellers sales grew 1.9% to C$4.7 billion. HBC's total revenues, including its credit division, hit C$7.4 billion.
In the fourth quarter, sales and revenues for The Bay were up 2.6% to C$892.6 million and for Zellers rose 3.9% to C$1.6 billion. Same-store sales rose 3.6% at Zellers and dipped 1.2% at The Bay.
Furniture and bedding have accounted for about 8% of The Bay's total revenues. In addition to two standalone furniture and appliance stores, The Bay offers a varying selection of furniture and bedding in nearly all its 100 department stores nationwide.
Zellers hasn't been an active furniture seller for several years but has been experimenting with ready-to-assemble furniture and bedding in recent months.
The Bay's home furnishing's priorities for 2002 include the merchandising of an 18,000-square-foot furniture, bedding, appliances and electronics floor in the new downtown Edmonton, Alberta, store, set to open in early May.
Canadian furniture industry observers believe The Bay's furniture and bedding departments probably are outperforming the department store's other categories, including apparel.
George Heller, HBC president and chief executive officer, attributed the "disappointing" year primarily to a decline in apparel sales and aggressive discounting by department stores.
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