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Hudson's Bay fiscal Q1 loss widens YOY

Hudson's Bay Co. said its normalized net income for the fiscal first quarter ended May 3 came to a loss of 23 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

The per-share loss grew year over year from 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$41.3 million, compared with a loss of C$13.1 million in the year-earlier period.

The normalized profit margin declined to negative 2.2% from negative 1.5% in the year-earlier period.

Total revenue increased on an annual basis to C$1.85 billion from C$884.0 million, and total operating expenses rose from the prior-year period to C$1.85 billion from C$893.0 million.

Reported net income came to C$176.5 million, or 97 cents per share, compared to a loss of C$22.8 million, or a loss of 19 cents per share, in the prior-year period.