Hudson's Bay net earnings jump 53.2%
By Furniture Today Staff -- Furniture Today, April 13, 2003
Toronto — Retailer Hudson's Bay Company said revenues for the year ended Jan. 31 slipped less than 1% to C$7.4 billion, while net earnings jumped 53.2% to C$111.5 million.
In the previous fiscal year, HBC had earnings of C$72.8 million on revenues of C$7.4 billion.
The fourth quarter also saw sales slip, by 0.9% to C$2.4 billion from C$2.5 billion in last year's final quarter. Earnings in the quarter climbed 58.6% to C$105.1 million from C$66.3 million in the previous year.
HBC operates under several national retail banners, including The Bay, a traditional department store chain; Zellers, a mass merchandiser; and Home Outfitters, a bed and bath specialist.
The Bay, currently ranked as Canada's seventh-largest furniture and bedding retailer, also showed higher earnings before interest and taxes despite waning sales. For the year, The Bay has sales of C$2.6 billion and earnings before interest and taxes of C$104.9 million, compared to earnings before interest and taxes of $65.7 million on revenues of C$2.7 billion the previous year. Historically, furniture and bedding has accounted for between 5% and 8% of sales.
In the fourth quarter, The Bay generated earnings before interest and taxes of C$68.7 million on sales of C$882.7 million, compared to earnings of C$50.8 million on sales of C$892.6 million during the same period a year earlier.
"Continued strong management of costs and gross margins translated into a significantly improved fourth-quarter financial performance," said George Heller, president and chief executive officer of Hudson's Bay Company.
He said strong sales in most home furnishings categories at The Bay helped offset weaker performance in other merchandise categories.
Although Zellers at one time was a major player in furniture and bedding, it now sells mainly entry-level ready-to-assemble and other promotionally priced furniture items.
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