Company News

Hudson's Bay reports wider loss but higher sales

TORONTO, Sept 5 (Reuters) - Hudson’s Bay Co reported a steeper-than-forecast quarterly loss but better-than-expected retail sales, helped in part by new store openings, and said it continued to evaluate opportunities for its real estate.

The Saks Fifth Avenue owner posted a net loss of C$201 million, or C$1.10 a share, more than the C$142 million net loss, or 78 Canadian cents-a-share loss reported a year ago.

Analysts had expected a net loss of C$116.1 million, or 60 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Total sales rose 1.2 percent to C$3.29 billion, compared with expectations of C$3.26 billion, while total comparable sales fell 1.3 percent on a constant currency basis, while sales at Saks Fifth Avenue rose 1.7 percent. (Reporting by Solarina Ho; Editing by Peter Cooney)