TORONTO, April 5 (Reuters) - Canadian department store operator Hudson’s Bay Co’s said on Wednesday it was actively working on major changes in the business to improve performance and further cut costs.
The owner of Saks Fifth Avenue and Lord & Taylor reported a fourth quarter loss after markets closed on Tuesday. Weak sales, particularly at its Saks OFF 5TH outlet chain and its Gilt online shopping website, forced the retailer to write down C$116 million.
The stock, which had fallen more than 10 percent this week ahead of results, rose 1.7 percent to C$9.86 shortly after markets opened on Wednesday, recouping some of the earlier losses after executives reassured investors on a conference call.
Reporting by Solarina Ho; Editing by Nick Zieminski