HBC’s loss balloons in Q2

BRAMPTON, Ont. — Hudson’s Bay Co. said this week its Q2 loss came to $984 million, after a loss of just $280 million in the same period last year. On a per-share basis, the loss amounted to $5.35, compared to $1.45 a year ago. When one-time items are discounted, HBC said its normalized net loss totalled $171 million, compared to $85 million in Q2 of last year. Revenues were roughly flat at $1.9 billion. Comparable sales overall declined by 0.4%, with a 3.4% drop at within Hudson’s Bay banner offsetting gains of 0.6% at Saks Fifth Avenue and 3.4% at Saks Off Fifth.