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Hudson’s Bay Co reports three-fold rise in profit following Kaufhof takeover

HBC's net profit rose to $370 million, or $1.88 per share, in the fourth quarter ended Jan. 30, from $115 million, or 62 Canadian cents per share, a year earlier.

Hudson’s Bay Co. has reported a clear, crisp increase in both fourth-quarter and full-year net earnings as the department store group had a big boost from the sale of property investments.

The company, whose banners include Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue among others, said net earnings in the three months ended Jan. 30 was $370 million, or $1.88 per diluted share.

That was up from $115 million, or 62 cents per diluted share, in the comparable year-earlier period because the company realized $516 million around the sale of investments in its property joint venture.

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