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Hudson抯 Bay Co sees $15 billion in sales this year, nearly quadruple its revenue in 2013Monday, June 06, 2016 > 11:04:13
Hudson’s Bay Co. expects sales of $15 billion from its global retail banners this year as the Toronto-based department store chain opens new stores and makes inroads into the European market with new stores in Germany, Belgium and the Netherlands.
That is almost quadruple the company’s annual revenue when it went public in 2013, when sales were about $4 billion, chief executive Jerry Storch told the company’s annual general meeting of shareholders, but the acquisitions of banners such as luxury chain Saks Fifth avenue have allowed the company to beneficially leverage its scale.
“This growth allows us to become more efficient across all areas of the business, from buying, to shipping, to the manufacturing of our private label products,” he said.
Consolidated retail sales in fiscal 2015 were $11 billion, an increase of 37 per cent, largely due to the retailer’s acquisition of the Kaufhof department store chain in Germany and Belgium.
In January, HBC acquired Gilt Groupe, an online “flash sale” retailer. And just last month, the company announced it will open 20 stores under its own Hudson’s Bay banner in the Netherlands beginning in 2017.
HBC has also seen “excellent results” from both the Saks and Saks Off Fifth banners in Canada after their recent opening, Storch said.