Hudson’s Bay Q1 Chilled By Lord & Taylor

Lord & Taylor parent Hudson’s Bay Co., which also operates broadline and specialty retailers in Canada, has reported that its first quarter consolidated comparable store sales gained 4% or 3.2% on a constant currency basis. The company pointed out that a low single digit comp decline at Lord & Taylor partially offset gains in much of the operation.

In results, returned in Canadian dollars unless noted, net loss from continuing operations fell to $21.2 million from $47 million in last year’s first quarter. Normalized net loss came in at12 cents per share versus a loss of 22 cents per share in the 2012 period.

The company’s Hudson’s Bay division comps grew 7.6% but Lord & Taylor’s number slipped 1.4% on a U.S. dollar basis. E-commerce sales increased 32.8% to $31.1 million compared to the first quarter of 2012.

Sales at Hudson’s Bay were driven by strong performance of men’s apparel, ladies’ shoes, cosmetics, handbags, accessories and certain home categories, the company stated, as well as the continued growth of e-commerce revenues and the company’s five Topshop/Topman stores. Lord & Taylor sales suffered from lower customer traffic due to unfavorable weather trends compared to the 2012 first quarter, with strength in men’s apparel, handbags, accessories and cosmetics offset by underperformance of ladies’ apparel and shoes, the company asserted.


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