June 9, 2016 / 10:07 PM / a year ago

BRIEF-Hudson's Bay posts Q1 loss per share $0.53

June 9 (Reuters) - Hudson’s Bay Co

* Hudson’s Bay company reports first quarter 2016 financial results

* Confirms fiscal 2016 sales and earnings guidance

* Qtrly comparable sales up 4.4 pct

* Board of directors has approved a quarterly dividend of $0.05 per common share

* Qtrly retail sales $3,303 million versus $2,072 million

* Recently began a voluntary restructuring program in merchandising department of its european operations

* In North America, HBC has also outsourced it systems maintenance positions.

* Confirming sales, adjusted EBITDAR and EBITDA outlook for fiscal 2016

* Hudson’s Bay Co qtrly loss per share $0.53

* Expects to record total charges of approximately $21 million related to these two initiatives, of which $12 million was recorded in Q1 of 2016

* “currently evaluating other cost savings opportunities”

* 2016 outlook assumes overall low single digit comparable sales growth, calculated on a constant currency basis

* Entered into an agreement to modify its leasehold interests in Saks Fifth Avenue Stores at Short Hills Mall in NJ & Honolulu, Hawaii

* Expects in fiscal 2016 will make higher than normal investments in growth initiatives

* Expects in fiscal 2016 total capital investments, net of landlord incentives, expected to be between $750 million and $850 million

* Co will get total proceeds of $99 million from modification of leasehold interests

* Sets quarterly dividend of c$0.05 per share

* 2016 outlook assumes overall low single digit comparable sales growth, calculated on a constant currency basis Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

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