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HBC goes digital
As part of its digital strategy, Hudson’s Bay Company has created HBC Digital and appointed Michael Burgess as the newly created group’s president. Burgess will report to the office of the chairman.
HBC Digital will drive the digital commerce and marketing strategy and execution across all channels, in partnership with each of the company’s business units: Saks Fifth Avenue, Lord & Taylor, Hudson’s Bay and HBC Outlets.
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Amazon’s big miss and modest outlook
Amazon.com may have achieved record fourth-quarter sales of $25.6 billion, but its top line was well below what analysts expected and so were profits.
The company’s sales increased 20% to $25.6 billion during the fourth quarter ended Dec. 31, compared to $21.3 billion the prior year. Analysts had forecast sales of slightly more than $26 billion. Meanwhile, Amazon said it earned profits of $239 million, or 51 cents a share, well ahead of prior year figures of $97 million and 21 cents a share, but substantially below the 74 cents analysts were expecting.