Press Release

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February 23, 2016 at 7:30 AM EST

Hudson's Bay Company Announces Same Store Sales Results for the Fourth Quarter and Fiscal Year Ended January 30, 2016

 

  • Fourth Quarter Consolidated Same Store Sales Increased 11.0%; Up 1.8% on a Constant Currency Comparable Basis
  • Full Year Consolidated Same Store Sales Increased 12.1%; Up 2.5% on a Constant Currency Comparable Basis
  • Announces Release Date for Fourth Quarter and Fiscal 2015 Results

TORONTO & NEW YORK--(BUSINESS WIRE)-- Hudson's Bay Company ("HBC" or the "Company") (TSX:HBC) today announced its same store sales results for the fourth quarter and fiscal year ended January 30, 2016.

Jerry Storch, Chief Executive Officer, HBC commented, "Our growth continued in the fourth quarter, as our team executed our strategies and focused on innovation around the world. Our retail banners are uniquely diversified across both geography and retail concepts. On-line sales were especially strong, reflecting our focus on building superior digital capabilities and further integrating our brick and mortar and e-commerce businesses. As we continue to execute our all-channel strategy we are committed to providing our customers with an exceptional experience as they shop our banners whenever, wherever and however they choose."

For the quarter beginning November 1, 2015 and ending January 30, 2016(1)(2)

  • Consolidated same store sales growth of 11.0%
  • On a constant currency comparable basis, consolidated same store sales increase of 1.8%
    • Department Store Group ("DSG") same store sales increase of 4.0%
    • Saks Fifth Avenue OFF 5TH same store sales increase of 2.0%
    • Saks Fifth Avenue same store sales decrease of 1.2%
    • HBC Europe (GALERIA Kaufhof, Galeria INNO and Sportarena) same store sales increase of 0.4%
  • Digital sales increase of 22.8% on a constant currency comparable basis

For the fiscal year ended January 30, 2016(2)(3)

  • Consolidated same store sales growth of 12.1%
  • On a constant currency comparable basis, consolidated same store sales increase of 2.5%
    • DSG same store sales increase of 4.7%
    • Saks Fifth Avenue OFF 5TH same store sales increase of 6.3%
    • Saks Fifth Avenue same store sales decrease of 1.0%
    • HBC Europe same store sales increase of 1.7%
  • Digital sales increase of 23.2% on a constant currency comparable basis
(1)   For the definition of same store sales results expressed on a constant currency comparable basis, see "Non-IFRS Measures" below.
(2)   The fourth quarter and fiscal year 2015 sales do not include Gilt Groupe Holdings Inc., which was acquired on February 1, 2016.
(3)   HBC Europe is included from September 30, 2015 through January 30, 2015.

HBC intends to announce full financial results for the quarter and year ended January 30, 2016 after the market close on April 4, 2016. Richard Baker, Governor and Executive Chairman, Jerry Storch, Chief Executive Officer, and Paul Beesley, Chief Financial Officer, will discuss financial results and other matters during a conference call on April 5, 2016 at 8:30 AM EST.

The conference call will be accessible by calling the participant operator assisted toll-free dial-in number (877) 852-2926 or international dial-in number (253) 237-1123. A live webcast of the conference call will be accessible on HBC's website at: http://investor.hbc.com/events.cfm. The audio replay also will be available via this link.

Non-IFRS Measures

This press release makes reference to certain financial results expressed on a constant currency comparable basis. In calculating the same store sales change on a constant currency comparable basis, prior year foreign exchange rates are applied to both current year and prior year same store sales. Additionally, where an acquisition closed in the previous twelve months, same store sales change on a constant currency comparable basis incorporate results from the pre-acquisition period. This enhances the ability to compare underlying sales trends by excluding the impact of foreign currency exchange rate fluctuations as well as by reflecting new acquisitions. Definitions and calculations of same store sales differ among companies in the retail industry. The Company notes that results from acquisitions are only incorporated in the Company's reported consolidated financial results from and after the acquisition date.

About Hudson's Bay Company

Hudson's Bay Company is one of the fastest-growing department store retailers in the world, based on its successful formula of driving the performance of high quality stores and their all-channel offerings, unlocking the value of real estate holdings and growing through acquisitions. Founded in 1670, HBC is the oldest company in North America. HBC's portfolio today includes ten banners, in formats ranging from luxury to better department stores to off price fashion shopping destinations, with more than 460 stores and 66,000 employees around the world.

In North America, HBC's leading banners include Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks Fifth Avenue OFF 5TH, along with Find @ Lord & Taylor and Home Outfitters. In Europe, its banners include GALERIA Kaufhof, the largest department store group in Germany, Belgium's only department store group Galeria INNO, as well as Sportarena.

HBC has significant investments in real estate joint ventures. It has partnered with Simon Property Group Inc. in the HBS Global Properties Joint Venture, which owns properties in the United States and Germany. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture.

Forward-Looking Statements

Certain statements made in this news release are forward-looking within the meaning of applicable securities laws, including with respect to HBC's continued focus on building its digital capabilities and further integrating its brick and mortar and e-commerce businesses. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology.

Although HBC believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements for a variety of reasons. Some of the factors - many of which are beyond our control and the effects of which can be difficult to predict - including, among others the ability of HBC to build its digital capabilities and further integrate its brick and mortar and e-commerce businesses.

HBC cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause HBC's actual results to differ from current expectations, please refer to the "Risk Factors" section of HBC's third quarter Management Discussion & Analysis dated December 10, 2015, as well as HBC's other public filings, available at www.sedar.com and at www.hbc.com.

The forward-looking statements contained in this news release describe HBC's expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, HBC does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

Hudson's Bay Company
INVESTOR RELATIONS:
Kathleen de Guzman, 646-807-0148
kathleen.deguzman@hbc.com
or
Elliot Grundmanis, 416-256-6732
elliot.grundmanis@hbc.com
or
MEDIA:
Kathleen Waugh, 212-391-5350
kathleen.waugh@hbc.com
or
Andrew Blecher, 212-391-3179
andrew.blecher@hbc.com

Source: Hudson's Bay Company

 

 

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