February 23, 2017 / 9:35 PM / a year ago

Canadian retailer Hudson's Bay posts lower 4th qtr sales

TORONTO, Feb 23 (Reuters) - Hudson’s Bay Co reported lower sales in the fourth quarter after markets closed on Thursday, hurt by weaker results in its European, Saks OFF 5th and Gilt operations.

The company said consolidated comparable sales for the fourth quarter ended Jan. 28 fell 1.2 percent on a constant currency basis.

HBC, which operates luxury retail chain Saks Fifth Avenue, said annualized savings from an operations review are expected to be around C$75 million ($57.23 million), with most of the savings expected this year. The department store operator also said it expects one-time charges totaling close to C$30 million. ($1 = 1.3105 Canadian dollars) (Reporting by Solarina Ho; Editing by Dan Grebler)

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