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Hudson's Bay swings to loss in fiscal Q2

Hudson's Bay Co. said its normalized net income for the fiscal second quarter ended Aug. 2 amounted to a loss of 16 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

The per-share result swung to a loss from the prior-year profit of 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$28.8 million, compared with income of C$1.3 million in the year-earlier period.

The normalized profit margin declined to negative 1.4% from 0.1% in the year-earlier period.

Total revenue grew 86.6% on an annual basis to C$1.77 billion from C$948.0 million, and total operating expenses increased 91.6% year over year to C$1.78 billion from C$929.0 million.

Reported net income came to a loss of C$36.0 million, or a loss of 20 cents per share, compared to a loss of C$66.0 million, or a loss of 55 cents per share, in the prior-year period.