Canadian retailer Hudson's Bay posts bigger quarterly net loss

Wed Dec 11, 2013 7:28am EST
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Dec 11 (Reuters) - Canadian department store operator Hudson's Bay Co posted a bigger third-quarter net loss, mainly due to costs related to its acquisition of U.S. retailer Saks, but reported slightly higher same-store sales from its Lord & Taylor chain.

Lord & Taylor same-store sales rose 1.6 percent, the first growth since the third quarter of last year.

Consolidated sales of Hudson's Bay rose 6 percent to C$984.1 million ($926.6 million).

The company's net loss widened to C$124.2 million, or C$1.04 per share in the quarter ended Nov. 2 from C$14.4 million, or 14 Canadian cents per share, a year earlier.

Excluding acquisition-related and restructuring costs, the company earned C$8.9 million, or 7 Canadian cents per share.

Hudson's Bay completed its $2.4 billion acquisition of Saks Inc last month.