September 12, 2018 / 2:58 PM / 2 months ago

BUZZ-Hudson's Bay Co: Up as adj. earnings soar on improved margins

** Canadian department store chain’s shares rise 6.1 pct to C$11.23 after reporting Q2 results

** Q2 adjusted EBITDA of C$33 mln vs C$3 mln a year ago, helped by higher gross margins; however, Q2 sales fell at its Lord & Taylor and Saks OFF 5th stores

** CEO Helena Foulkes says co will now focus on turning around its underperforming divisions that have faced competition from online retailers

** “We’ve made some poor decisions over the last few years that have hurt profitability, but this is a business that fundamentally can be successful” - CEO

** Up to Tuesday’s close, stock had fallen 6.2 pct this year, compared with a 1.2 pct decline in the benchmark Toronto stock index (Reporting by Karan Nagarkatti)

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