Hudson's Bay boosts net earnings 10.6% in qtr.
By Furniture Today Staff -- Furniture Today, August 31, 2003
Toronto — Retailer Hudson's Bay Co. said revenue in its second quarter was essentially unchanged from last year at C$1.7 billion, while net earnings climbed 10.6% to C$5.2 million from C$4.7 million in last year's quarter.
Revenues for the first half ended July 31 also remained flat at C$3.2 billion, but the net loss soared from C$1.4 million a year ago to C$28.9 million in the current six months.
The increased loss was attributed in part to costs associated with dropping the Martha Stewart product line, pegged at C$10.4 million, and a prior year's tax assessment.
HBC, Canada's oldest incorporated company, operates department store The Bay, the nation's No. 7 furniture and bedding retailer, and discount department store Zellers, which offers a modest furniture assortment, mostly ready-to-assemble.
In the second quarter, The Bay — including Home Outfitters, its free-standing bed, bath and linen banner — recorded revenues of C$607.5 million, up 2.9%. Same-store sales were down 0.6%.
Revenue slipped 2.2% to C$1.1 billion at Zellers, where same-store sales fell 3% in the quarter.
HBC had a total of 560 stores at the end of the period, up from 544 last year. Almost all the net increase came from Home Outfitters.
George Heller, president and chief executive officer, said the Canadian retail environment remains difficult but has some bright spots, including growth opportunities in the apparel, electronics and soft home categories.
He is cautious about the remainder of the fiscal year but said the coming six months could be stronger.
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