HBC posts third consecutive loss

TORONTO — Hudson’s Bay Co. earnings missed estimates with the third quarterly loss in a row, hit by a decline in “retail tourism” and expenditures on expansion in Europe, where the former fur trader is setting up its first Hudson’s Bay stores outside of Canada. In total, HBC saw a loss of $125 million, after posting a $7 million profit a year earlier. Consolidated retail sales increased by 28.6% to $3.3 billion, up from $2.6 billion last year, primarily due to the addition of HBC Europe and Gilt, but offset by a decrease in comparable sales of 4.0%. On a constant currency basis, comparable sales declined by 2.4% at DSG, 2.2% at HBC Europe, 8.4% at HBC Off Price, and 4.6% at Saks Fifth Avenue, resulting in a total comparable sales decline of 3.6%.