HBC loss widens as takeover bid brews

TORONTO ― Hudson’s Bay Co. this week reported a bigger Q3 loss than a year ago, as steep discounts at Saks Fifth Avenue and weak sales at The Bay took their toll. “Across the industry, there was a pullback among luxury consumers, allowing shoppers to more frequently take advantage of markdowns, which ultimately reduced full-price sales,” said CEO Helena Foulkes in a statement. The company’s net loss for the quarter grew $226 million, or $1.23 per share, from $161 million ($0.88) a year ago. Revenues fell to $1.84 billion from $1.89 billion, while comparable sales declined by 3.9% at The Bay and 2.3% at Saks. Meanwhile, Chairman Richard Baker’s bid to take the company private faced a setback this week as the Ontario Securities Commission refused to toss out a hearing requested by minority shareholder Catalyst Capital Group, which has submitted a competing bid.