HBC says Q1 comparable sales dropped 2.9 percent

For the quarter ending April 29, 2017, on a constant currency basis, consolidated comparable sales decreased 2.9 percent at HBC. DSG (Hudson's Bay, Lord & Taylor and Home Outfitters) comparable sales decreased 2.4 percent, Saks Fifth Avenue comparable sales decreased 4.8 percent and HBC Off Price (Saks OFF 5TH and Gilt) comparable sales decreased 6.8 percent.

Commenting on the comparable sales summery, Jerry Storch, Chief Executive Officer of HBC said in a press release, “The first quarter of the year has remained difficult, particularly in the US. Compared to the fourth quarter, constant currency comparable sales trended lower at our North American banners, while improving at our European banners. Apparel retail has been further impacted by a highly promotional environment, and the continued channel shift of in-store sales to online sales."

HBC Europe (Galeria Kaufhof, Galeria INNO and Sportarena) comparable sales remained flat, while comparable digital sales increased 5.4 percent on a constant currency basis. Excluding Gilt, comparable digital sales were up 13.2 percent on a constant currency basis. Including the impacts of foreign exchange, consolidated comparable sales decreased 3.8 percent.

Picture:Facebook/Saks Fifth Avenue