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Hudson’s Bay (TSE: HBC) 1Q16 Results: Increased Real Estate Investments Hurt Earnings; Still on Track for FY16 Outlook

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Coresight Research

Key Points

  • Hudson’s Bay Company reported 1Q16 revenues of C$3.3 billion up 59.4% year over year and in line with the consensus estimate. EPS was C$(0.53), missing the consensus of C$(0.39) and down from EPS of C$(0.27) in the year-ago quarter.
  • The company’s comparable sales were up 4.4% in the quarter, though they declined by 1.0% on a constant-currency basis. Comparable digital sales were up 7.4% on a constant-currency basis.
  • The company confirmed its previous full-year sales guidance of C$14.9–C$15.9 billion.
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