Hudson’s Bay Co.’s profit surges, boosted by digital growth and strong sales at Saks

Toronto -- Hudson’s Bay Company’s net profit in the fourth quarter jumped to C$111 million (USD $88.9 million) from C$37 million, in the year-ago period, helped by strong digital sales, the successful integration of Saks Fifth Avenue and the strong U.S. dollar. The retailer said it plans to accelerate openings of Saks’ off-price Off 5th brand and strengthen its digital and omnichannel capabilities in its current fiscal year.

Total sales for the quarter ended January 31, 2015, rose 9.3% to $2.11 billion (USD), fueled by a 35.1% increase in digital sales and strong same-store sales.



Overall same-store sales rose 3.2% in the quarter. They were up 2.6% at Saks Fifth Avenue, 2.3% at Lord & Taylor and The Bay, and 12.1% at Off 5th.



“Sales growth, further progress with the Saks integration and continued strength at HBC Digital has us well-positioned to deliver on our fiscal 2015 strategic priorities and initiatives,” stated executive chairman Richard Baker.



Hudson’s Bay operates 322 stores under the Hudson's Bay, Lord & Taylor and Saks Fifth Avenue, Off 5th and Home Outfitters banners.