Company News

Hudson's Bay posts first profit in eight quarters but misses expectations

TORONTO, March 28 (Reuters) - Canadian department store Hudson’s Bay Co on Wednesday posted its first profit in eight quarters, but missed expectations as comparable sales and margins declined in some divisions.

The owner of the Saks Fifth Avenue luxury retailer said it had net income of C$84 million ($65.23 million) in the fourth quarter, which ended Feb. 3, compared with a net loss of C$152 million a year earlier.

Adjusted net income excluding one-time items, was C$20 million, compared with analyst expectations of C$120.18 million, according to Thomson Reuters I/B/E/S. ($1 = 1.2877 Canadian dollars) (Reporting By Nichola Saminather Editing by Chizu Nomiyama)