Canadian retailer Hudson's Bay's profit falls by about 67 pct

Thu Apr 3, 2014 7:16am EDT
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April 3 (Reuters) - Canadian department store operator Hudson's Bay Co, which bought U.S. luxury chain Saks Inc for $2.4 billion last year, posted a lower fourth-quarter profit, hurt by higher expenses.

Net profit fell to C$29.1 million ($26.36 million), or 6 Canadian cents per share, in the quarter ended Feb. 1 from C$86.8 million, or 75 Canadian cents per share, a year earlier.

The company's net profit from continuing operations fell about 59 percent to C$37.4 million, or 11 Canadian cents per share.

Hudson's Bay posted an about 74 percent rise in retail sales to C$2.41 billion. ($1 = 1.1038 Canadian Dollars) (Reporting by Ashutosh Pandey in Bangalore; Editing by Saumyadeb Chakrabarty)