Hudson's Bay sales more than double on Saks acquisition

Tue Jun 3, 2014 9:00am EDT
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TORONTO, June 3 (Reuters) - Hudson's Bay Co on Tuesday reported sales more than doubled during the first quarter, bolstered by its inclusion of Saks, which it acquired for $2.4 billion last year.

The company reported net earnings of C$176 million ($161.55 million), or earnings per share of 97 Canadian cents for the first quarter ended May 3, 2014. Last year, it recorded a net loss of C$82 million, or 68 Canadian cents for the same period.

Retail sales were C$1.86 billion, up from C$884 million.

($1 = 1.0895 Canadian Dollars) (Reporting by Solarina Ho, Editing by Franklin Paul)