Hudson's Bay 4Q revenue flat; profit down 14.8%
By Furniture Today Staff -- Furniture Today, March 28, 2004
TORONTO — TORONTO — Hudson's Bay Co., parent of department store The Bay, said revenues in its fourth quarter totaled C$2.5 billion, essentially flat with the prior year's period. Net income was C$89.6 million, down 14.8% from C$105.1 million in last year's final quarter.
For the year ended Jan. 31, revenues were C$7.4 billion, again virtually unchanged, while net income fell 37.9% to C$69.2 million from the prior year's C$111.5 million.
The 2004 periods include one more week than the comparable 2003 periods.
In addition to The Bay, one of Canada's Top 10 furniture and bedding retailers, HBC operates discounter Zellers, which sells mostly ready-to-assemble and occasional furniture, and Home Outfitters, a bed-and-bath superstore that sells some decorative accessories.
"In an extremely challenging year, HBC steadily improved its operating results and cash flow in the last three quarters, offsetting a difficult first quarter," said George Heller, president and CEO. "We are especially pleased with the C$235 million improvement in free cash flow, allowing us to retire 47% of our net debt during the year."
HBC said The Bay's same-store sales slipped 2.2% in the fourth quarter, while revenue rose 3.1% to C$909.8 million, thanks to higher sales in some product categories, including major home fashions. For the year, The Bay's sales rose marginally to C$2.7 billion. The Bay has 99 stores across the country.
Zellers' same-store sales fell 5% during the fourth quarter as sales remained flat at C$1.5 billion. For the year, sales fell slightly to C$4.6 billion. Three stores were closed last year, leaving Zellers with 312 units. More closures are expected, although HBC said it would build a new-concept Zellers store this year.
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