HBC Q2 loss grows as retailer repositions to focus on Hudson's Bay, Saks banners

The owner of the Hudson's Bay chain of department stores, as well as the New York-based Saks Fifth Avenue luxury chain and Saks Off 5th outlets, said the loss amounted to $5.35 per share for the quarter ended Aug. 3.Hudson's Bay officials said in a conference call that the second quarter was disappointing, but expressed confidence that they're taking the steps necessary build its retail business and find value from its real estate.

The results came as HBC evaluates an offer by a group of shareholders led by executive chairman Richard Baker to take the company private at a price of $9.45 per share. Among the one-time items in HBC's most recent quarter that added to the loss was a $150-million non-cash writedown of the value of Canadian deferred income tax assets, which may not be fully usable.

Revenue totalled $1.9 billion, roughly the same as a year ago, while overall comparable sales fell 0.4 per cent. Analysts had estimated an adjusted loss of 73 cents per share with about $2.1 billion of revenue for the quarter, according to financial markets data firm Refinitiv.

It's no wonder The Bay is losing money, have you seen the prices they charge and the above average stuff they sell? The common person can't afford to shop there!

Say goodbye to the hudsonsbay company because just like Sears they will go bankrupt.

Where? We can help find it?

Sell items everyday people can afford?

Maybe stop selling luxury brands no one can afford?

WOW, are they going to survive?

Are they still a thing even?

then why on Earth would they open a new Store in Angrignon?!!!

And how do we square this: 'a $150-million non-cash writedown of the value of Canadian deferred income tax assets, which may not be fully usable.'

I wouldn't be surprised if they file for bankruptcy and close the doors in the next year

Lost a billion holy s- Bye Bay

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