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Hudson’s Bay Company’s Saks acquisition pays off in first quarter
Hudson's Bay Company more than doubled sales in the first quarter driven primarily by its acquisition of Saks last year.
Retail sales were $1.9 billion, an increase of $971 million from $884 million for the prior year. Consolidated same-store sales increased by 2.8%, with increases of 2.5% at DSG, 2.6% at Saks Fifth Avenue and 15.1% at Off 5th. Digital commerce sales totaled $207 million, reflecting both the inclusion of Hudson's Bay and Lord & Taylor (which together are referred to as “Department Store Group” or DSG) and Saks.
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Lumber Liquidators formalizes sustainability team
Lumber Liquidators has formalized its compliance and sustainability team headed by Raymond Cotton, who was appointed as chief compliance and sustainability officer in February and reports directly to president and CEO Robert M. Lynch.
Cotton manages the company’s quality assurance, sustainable sourcing, loss prevention, risk management and compliance with legal and regulatory requirements of global trade.