HBC reports first quarter 2017 financial results

  Company financial news

First quarter retail sales decreased 3.0% to USD 3.2 billion, a decrease of 2.9% on a constant currency comparable basis; first quarter comparable digital sales increased 5.4% on a constant currency basis, increasing 13.2% at HBC’s department store banners; first quarter adjusted EBITDAR of USD 168 million; net loss of USD 221 million; launch of Transformation Plan to get ahead of industry developments; expected to generate total annual savings of more than USD 350 million; quarterly dividend set at USD 0.0125 per share.

Financialresults
HBC has announced its first quarter financial results for the 13th week period ended 29 April 2017
HBC has announced its first quarter financial results for the 13th week period ended 29 April 2017, and also launched its Transformation Plan, currently expected to generate total annual savings of more than CAD 350 million.
“This was a tough quarter for HBC. While the retail apparel market remains particularly challenging, we are taking steps to adapt, beginning with our Transformation Plan. This initiative will reshape our organization to accelerate delivery of a best-in-class all-channel experience to our customers while improving our cost structure. The Transformation Plan makes us more agile and better able to respond to evolving customer preferences and a rapidly changing retail landscape. We strongly believe that our model of combining world class real estate assets, which are less impacted by short-term trends, with our diverse retail businesses provides long-term value for the company and our shareholders,” stated Richard Baker, HBC’s Governor and Executive Chairman.
Jerry Storch, HBC’s Chief Executive Officer, added, “We know we can do better and we are taking bold decisive action. Rather than chase the rapid industry changes, our Transformation Plan will reposition HBC to get ahead and stay ahead. This North American based initiative, the result of a process we began more than six months ago, is designed to increase synergies across our portfolio of businesses, sharpen capabilities that give the ccompany a competitive edge and re-align our expenses to focus on...

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