HBC revenues soar in Q1

TORONTO ― Hudson’s Bay Company’s Q1 sales beat expectations, boosted by the growth of its European operations and the acquisition of e-retailer Gilt. Revenues for the quarter jumped by 59%. At the same time, the company, which announced last month it will open 20 new stores in the Netherlands over the next two years, also saw bigger losses than anticipated, hit by higher real estate costs. Same-store sales at department stores, including Hudson’s Bay and Lord & Taylor, increased 2.3%, and at HBC Europe by 0.7%. Same-store sales at Saks Fifth Avenue declined by 5.7%, continuing a consumer trend away from luxury goods.