HBC widens loss, pledges change

TORONTO — Hudson’s Bay Co. this week announced its Q2 net loss widened to $147 million or $0.62 per share. The results compared to a $100 million ($0.55) loss from the same time last year. Lower sales at the Lord & Taylor and Saks OFF 5th banners took their toll on the quarter’s earnings.

CEO Helena Foulkes promised shareholders that turning the two banners around would be a priority. Foulkes, who took the reins in February, told Reuters that Saks OFF 5th “is a business that fundamentally can be successful” but had suffered from “poor decisions” by HBC in recent years. Reversing Lord & Taylor’s fortunes, she acknowledged, will be a longer haul, but the company was looking for new ideas, including smaller store concepts.