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Hudson’s Bay Company (TSX: HBC) 1Q19: Mixed Results, Focus on North America and Strategy at Saks OFF 5TH

Coresight Research

Key Points

  • Hudson’s Bay Company (HBC) reported 1Q19 revenues of C$2.12 billion, down 3.3% year over year and above the consensus estimate of C$2.00 billion. The company reported adjusted 1Q19 EPS of C$1.15, up from C$(0.72) in the year-ago period.
  • For the quarter, comparable sales were up 0.3%. By banner, Saks Fifth Avenue comps were up 2.4%, Hudson’s Bay comps decreased 4.3%, and comparable sales at Saks OFF 5TH increased 4.4%.
  • The company did not offer 2Q19 or full year guidance. Management expects its cash flow position to remain unchanged, cash flow negative and close to flat.
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