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Company Earning Updates

Hudson’s Bay Company (TSX: HBC) 2Q19 Results: Secures 25% Equity Stake in Le Tote Joint Venture, Cuts Store Portfolio 25%

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Coresight Research

Key Points

  • Hudson’s Bay Company (HBC) reported 2Q19 revenues of C$1.85 billion, down 0.5% year over year and below the consensus estimate of C$2.13 billion. The company reported adjusted 2Q19 EBITDA of C$52 million, down 50.9% from the year-ago period.
  • For the quarter, comparable sales were down 0.4%. By banner, Saks Fifth Avenue comps were up 0.6%, Hudson’s Bay comps decreased 3.4%, and comparable sales at Saks OFF 5TH increased 3.4%.
  • The company did not offer 3Q19 or full year guidance.

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