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Hudson’s Bay Company (HBC) 3Q16 Results: Weak Comps Due to Challenging Environment; Optimistic Holiday Outlook

Executive Summary

  • Hudson’s Bay Company reported 3Q16 revenues of C$3.3 billion, up 28.6% year over year but below the consensus estimate of C$3.4 billion. EPS was C$(0.69), missing the consensus estimate of C$0.24 and down from C$(0.04) in the year-ago quarter.
  • Total comparable sales declined by 3.6%, driven by weakness in women’s apparel, department stores and the luxury sector.
  • The company expects to see flat to low-single-digit comp growth for the fourth quarter, consistent with previous guidance. For the full fiscal year, the company expects to generate total sales of C$14.5–C$14.9 billion, with adjusted EBITDA of C$700–C$785 million.

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