Hudson's Bay profit up in quarter
By Furniture Today Staff -- Furniture Today, December 14, 2003
Toronto — Hudson's Bay Company, parent of The Bay department stores, said revenues in its third quarter ended Oct. 31 were flat at C$1.7 billion although net earnings rose 10.9% to C$8.6 million.
Sales also were also flat for the first nine months at C$4.9 billion. The multi-channel retailer recorded a loss for the nine months of C$20.4 million, which it attributed to costs associated with the discontinuation of the Martha Stewart line and a sales tax assessment for a prior year.
Unseasonably cold weather in the first quarter and the power blackout in Ontario in August also kept consumers out of the market, HBC said.
The Bay is Canada's seventh-largest furniture and bedding retailer. HBC also owns discount chain Zellers, which carries some furniture, mainly ready-to-assemble and occasional.
"Despite the unique challenges presented to Canadian retailers in the third quarter, HBC managed to maintain sales and increase profitability," said George Heller, president and chief executive officer.
"The management team and all 70,000 HBC associates are now focused on executing in the fourth quarter," he said. "Despite what appears to be continued cautious behavior by Canadian consumers, HBC is confident in the underlying fundamentals in the economy and our merchandise and marketing programs put in place for the fourth quarter."
HBC said it is embarking on several strategic initiatives to accelerate sales and earnings growth over the next five years. The areas targeted for growth include furniture, bedding, appliances and other major home categories.
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