Hudson's Bay Q3 sales climb 5.6% to $2.2bn

"We are encouraged by the ongoing improvement of our business, with year to date Adjusted EBITDA of $151 million, up $106 million from the prior year. The bold strategic actions we are taking are beginning to pay off, and the recent closing of the European transaction will now allow us to concentrate on the North American business," said Helena Foulkes, HBC’s chief executive officer. "While we are optimistic about the progress and opportunities that lie ahead for HBC, we recognize there is more work to be done to further generate growth and greater profitability. We are driving our retail performance with a firm emphasis on fixing the fundamentals and improving our omni-channel customer experience."

"While each of our businesses offers a unique value proposition, we are making strategic decisions to focus our efforts on the areas with the greatest opportunities for growth. Saks Fifth Avenue’s exceptional performance further solidifies its leading position within the luxury segment and we are continuing to drive the upside in the business. Performance at Hudson’s Bay has been solid, and we believe that there is a tremendous opportunity to build on our strength in the market as Canada’s preeminent multi-category retailer. Improved sales trends and better profitability at our smallest businesses, Lord & Taylor and Saks OFF 5TH, are also encouraging as we start to reposition those businesses for the future," Foulkes added.

Fibre2Fashion News Desk – India