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Hudson's Bay fiscal Q2 loss widens YOY

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Hudson's Bay fiscal Q2 loss widens YOY

Hudson's Bay Co. said its normalized net income for the fiscal second quarter ended Aug. 1 came to a loss of 35 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 15 cents per share.

The per-share loss grew year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$65.0 million, compared with a loss of C$24.4 million in the year-earlier period.

The normalized profit margin fell to negative 3.6% from negative 1.4% in the year-earlier period.

Total revenue rose 15.2% year over year to C$2.04 billion from C$1.77 billion, and total operating expenses rose 17.2% on an annual basis to C$2.09 billion from C$1.78 billion.

Reported net income came to C$62.0 million, or 33 cents per share, compared to a loss of C$43.0 million, or a loss of 24 cents per share, in the prior-year period.