HBC's Q1 net loss widens, comparable sales decline 0.7 percent

Hudson’s Bay Company (HBC) reported revenue of 3,088 million Canadian dollars (2,374.7 million dollars), an increase of 30 million Canadian dollars (23 million dollars) or 1 percent for the thirteen week period ended May 5, 2018. Overall comparable sales declined 0.7 percent, with total comparable digital sales increasing 7.7 percent. Net loss for the period widened to 400 million Canadian dollars (308 million dollars) compared to 221 million Canadian dollars (170 million dollars) last year. In addition, the company provided an update on strategic actions it intends to take to improve profitability, including the decision to divest Gilt and right-sizing Lord & Taylor's store footprint.