UPDATE 2-Hudson's Bay outlook disappoints; loss widens on Saks deal

Wed Dec 11, 2013 3:04pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Loss grows to C$1.04 per share vs 14 Canadian cents

* 2013 EBITDA cut to C$315-C$335 mln from C$360-C$390 mln

* Adjusted EPS of 7 Canadian cents

* Analysts forecast EPS of 10 Canadian cents on average

* Shares fall 5 percent (Adds conference call details, revised outlook, market reaction)

By Solarina Ho

Dec 11 (Reuters) - Hudson's Bay Co cut its 2013 outlook on Wednesday on expectations of heavier holiday discounting and as overall sales were weaker than expected in the third quarter, depressing the retailer's stock 5 percent.

The company, which completed its $2.4 billion purchase of U.S. luxury chain Saks Inc last month, reported a wider net loss primarily due to costs related to the acquisition.

Excluding acquisition-related and restructuring costs, Hudson's Bay reported earnings that fell short of analysts' expectations.   Continued...