- Hudson's Bay (OTCPK:HBAYF +0.4%) reports Q4 revenue decrease of 6.2% Y/Y to C$2.86B.
- Saks Fifth Avenue comparable sales up 3.9%; delivering an industry-leading 2-year stacked comp of 7% while achieving the next step in the NYC flagship renovation.
- DSG comparable sales decreased 5.2% & Saks OFF 5TH comparable sales also declined 2.1%.
- For HBC, gross margin declined 200 bps to 36.7%, which was driven by closing 8 stores, including the Lord & Taylor New York City flagship and an inventory provision for the pending closure of Home Outfitters.
- The company delivered a 30% increase to C$338M in 2018 Adj. EBITDA, with every business unit improving profitability Y/Y.
- Operating cash flow increased 63% Y/Y to C$460M.
- During Q4, HBC’s store count declined to 342 from 350.
- Capital investments, net of landlord incentives, were $126M.
- 2019 Outlook: Total capital investments, net of landlord incentives of $300-325M.
- Previously: Hudson's Bay reports Q4 results (Apr. 03 2019)