UPDATE 2-Real estate JV deals help Hudson's Bay post profit

Thu Sep 10, 2015 10:40am EDT
 
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* Q2 net profit C$0.33/shr vs loss C$0.23/shr

* Online sales jump 30 pct; total same-store sales rise 4.2 pct

* Records C$133 mln gains from real estate JVs

* Shares rise 4 pct (Adds estimates, background, details from statement, shares)

Sept 10 (Reuters) - Hudson's Bay Co swung to a profit in the second quarter as the owner of Saks luxury chain benefited from the formation of real estate joint ventures earlier this year.

The company has contributed real estate assets to two joint ventures formed with U.S.-based Simon Property Group Inc and Canada's RioCan Real Estate Investment Trust earlier this year, helping it focus on its store operations.

Hudson's Bay said it recorded a gain of C$133 million ($100.40 million) from the two joint venture deals closed during the quarter.

Shares in the Canadian-U.S. department store were trading up 4 percent at C$23.66 in early morning trading on the Toronto Stock Exchange.

The company's revenue rose more than 15 percent to C$2.04 billion for the quarter, driven by strong online business and higher sales at its Saks OFF 5TH stores.   Continued...