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Hudson's Bay swings to loss in fiscal Q3

Hudson's Bay Co. said its normalized net income for the fiscal third quarter ended Nov. 1 was a loss of 5 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

The per-share result swung to a loss from the prior-year profit of 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$8.8 million, compared with income of C$7.5 million in the prior-year period.

The normalized profit margin declined to negative 0.8% from 0.8% in the year-earlier period.

Total revenue increased 94.4% on an annual basis to C$1.91 billion from C$984.0 million, and total operating expenses climbed 97.1% year over year to C$1.89 billion from C$960.0 million.

Reported net income came to a loss of C$12.7 million, or a loss of 7 cents per share, compared to a loss of C$126.0 million, or a loss of C$1.05 per share, in the prior-year period.