Hudson’s Bay Co reveals solid sales bump as online sales surge 23%

TORONTO – In a possible bid to quell investor concern with the impact of the unusually warm winter on apparel retailers, Hudson’s Bay Co. revealed partial fourth-quarter and full-year sales results Tuesday that showed a solid improvement, should you strip the effects of currency.

The Toronto-based operator of Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue reported sales at stores open for more than a year, a key retail metric known as same-store sales, rose 11 percent in the three-month period ended Jan. 31. On the constant currency basis, same-store sales for the important holiday quarter rose 1.8 percent. HBC reports its results in Canadian dollars and generates a majority of its sales externally of the us.

The Saks Fifth Avenue luxury banner, which marked its Canadian debut in Toronto a week ago, was the only real laggard, showing a same-store sales decline of one percent in constant currency.

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At Hudson’s Bay and Lord & Taylor, same-store sales on a single basis climbed 4.7 per cent, it is the off-price Saks Off 5th banner saw a rise of 6.3 per cent.

In its online and digital division, sales leapt 23 percent on the constant currency basis.

“Our growth continued within the fourth quarter, as we executed our strategies and focused on innovation around the world,” said chief executive Jerry Storch. “Online sales were especially strong, reflecting our focus on building superior digital capabilities and further integrating our brick and mortar and e-commerce businesses.”

For the full year, HBC posted consolidated same-store sales growth of 12 per cent, a 2.5 percent same store sales increase in constant currency.

HBC will release full results for your fourth quarter and fiscal year on April 5.