Hudson's Bay Company Records Strong Third Quarter Retail Sales Increase and Initiates Quarterly Dividend to Shareholders

Hudson's Bay Company Records Strong Third Quarter Retail Sales Increase and 
Initiates Quarterly Dividend to Shareholders 
TORONTO, Dec. 11, 2012 /CNW/ - Hudson's Bay Company ("HBC" or the "Company") 
(TSX: HBC) reported strong same store sales increases today for the quarter 
and year-to-date periods ended October 27, 2012, and announced an initial 
quarterly dividend of $0.09375 per share payable on December 27, 2012 to 
shareholders of record as of December 19, 2012. Today's financial report for 
the third quarter of fiscal year 2012 is the first for HBC since the Company's 
initial public offering ("IPO") in November 2012. 
Commenting on the quarter, Richard Baker, Governor and Chief Executive Officer 
of Hudson's Bay Company, stated "Hudson's Bay and Lord & Taylor continued to 
deliver solid mid-single digit same store sales increases for the third 
quarter of 2012, including an 8% same store sales increase in October at both 
banners. This continued strong performance has allowed the Company to approve 
an initial quarterly dividend of $0.09375 per share." 
Financial and Operating Highlights 
(All comparative figures below and in the "Financial Results" section that 
follows are for the 13 and 39 week periods ended October 27, 2012 and October 
29, 2011. Throughout this news release, the terms "Normalized EBITDA" and 
"Normalized Net Earnings (Loss) - Continuing Operations" have been used to 
refer to financial results that have been adjusted to exclude certain 
non-recurring items and charges. For a full explanation of the Company's use 
of Non-IFRS measures, please refer to Note 1 of the Selected Consolidated 
Financial Information section of this news release.) 
Highlights of the 13 week period ended October 27, 2012 


    --  Same store sales increased by 4.5% at Hudson's Bay and 5.2% on
        a U.S. dollar basis at Lord & Taylor, primarily driven by
        stronger storewide promotional events in October. Consolidated
        same store sales, which increased 3.5% compared to the prior
        period, were negatively impacted by foreign exchange rate
        movements and lower sales at Home Outfitters;
    --  Normalized EBITDA was $47.9 million or 5.1% of retail sales in
        the quarter compared to $65.2 million or 7.3% of retail sales
        in the prior period. The decline in Normalized EBITDA as a
        percentage of retail sales was principally due to a higher
        inventory shortage and seasonal clearance markdowns, partially
        offset by a 0.5% improvement in SG&A leverage;
    --  Normalized Net Earnings (Loss) - Continuing Operations was $0.8
        million for the quarter compared to ($5.0 million) for the
        prior period, a $5.8 million improvement;

Highlights of the 39 week period ended October 27, 2012
    --  Consolidated same store sales increased by 4.9% with an
        increase of 5.0% at Hudson's Bay and 4.6% on a U.S. dollar
        basis at Lord & Taylor;
    --  Normalized EBITDA decreased 9.0% to $132.9 million or 4.9% of
        retail sales in the 39 week period, compared to $146.1 million
        or 5.7% of retail sales during the prior period. The decrease
        in Normalized EBITDA margin is principally due to a higher
        inventory shortage and seasonal clearance markdowns, partially
        offset by a 0.3% increase in SG&A leverage;
    --  Normalized Net Earnings (Loss) - Continuing Operations for the
        39 week period ended was ($22.2 million) compared to ($38.9
        million) for the prior period, an improvement of $16.7 million;
        and
    --  Two new Lord & Taylor stores were opened in Ridge Hill, NY and
        Rockingham, New Hampshire.

"We welcome our new shareholders. As a result of our successful IPO during the 
third quarter, we have reduced our net debt and we are in a strong position to 
continue growing our business", said Michael Culhane, Chief Financial Officer 
of Hudson's Bay Company.

Financial Results

13 week period ended October 27, 2012

Retail sales increased 3.8% to $930.4 million for the 13 week period ended 
October 27, 2012 from $896.7 million in the corresponding period in 2011.

Consolidated same store sales increased 3.5% in the third quarter, with an 
increase of 4.5% at Hudson's Bay and 5.2% on a U.S. dollar basis at Lord & 
Taylor. The improvement in same store sales was primarily driven by stronger 
storewide promotional events including "Bay Days" at Hudson's Bay and "Friends 
and Family" at Lord & Taylor. Sales from the Company's Omni-channel initiative 
grew 55.3% in the third quarter from $20.8 million for the 13 week period 
ended October 29, 2011 to $32.3 million for the 13 week period ended October 
27, 2012, excluding in-store returns. Foreign exchange rate movements, related 
to the translation of Lord & Taylor results, and lower sales at Home 
Outfitters, negatively impacted consolidated same store sales results.

Gross profit was $362.7 million or 39.0% of retail sales for the 13 week 
period ended October 27, 2012, compared to $370.7 million or 41.3% of retail 
sales for the 13 week period ended October 29, 2011. The decrease in gross 
profit rate was due to an unfavourable inventory shortage and markdowns on 
seasonal merchandise. The higher than expected inventory shortage negatively 
impacted gross profit by approximately $9.3 million or 1.0% of retail sales 
for the period. We have revisited our inventory control processes and have 
taken actions to ensure that this will not be an ongoing issue. As a result of 
seasonal markdowns, we were able to reduce excess inventory related to spring 
2012 merchandise which resulted in appropriate inventory levels at the end of 
the quarter.

SG&A was $351.7 million or 37.8% of retail sales in the 13 week period ended 
October 27, 2012, compared to $343.4 million or 38.3% of retail sales in the 
13 week period ended October 29, 2011. The SG&A rate as a percentage of retail 
sales decreased by 0.5% in the 13 week period ended October 27, 2012 compared 
to the same period in the prior year. This decrease is a result of 
improvements in both store payroll and marketing leverage, and was partially 
offset by a lower return from credit operations related to the change in terms 
of the HBC credit card program at the beginning of Fiscal 2012.

Normalized EBITDA was $47.9 million in the 13 week period ended October 27, 
2012 compared to $65.2 million in the 13 week period ended October 29, 2011, a 
decrease of $17.3 million. The decline in EBITDA was principally due to a 
higher inventory shortage, partially offset by SG&A leverage.

Net earnings (loss) from continuing operations for the 13 week period ended 
October 27, 2012 was ($8.5 million) compared to ($7.5 million) for the 13 week 
period ended October 29, 2011.

Normalized Net Earnings (Loss) - Continuing Operations increased to $0.8 
million for the 13 week period ended October 27, 2012 compared to ($5.0 
million) for the 13 week period ended October 29, 2011.

39 week period ended October 27, 2012

Retail sales increased 5.5% to $2,690.5 million for the 39 week period ended 
October 27, 2012 from $2,550.0 million for the corresponding period in 2011.

Gross profit was $1,068.4million or 39.7% of retail sales for the 39week 
period ended October 27, 2012, compared to $1,039.8million or 40.8% of 
retail sales for the 39week period ended October 29, 2011. The decrease in 
gross margin as a percentage of retail sales was primarily due to increased 
seasonal markdowns and an unfavourable inventory shortage result. The higher 
than expected inventory shortage impacted gross profit by approximately $13.3 
million or 0.5% of retail sales for the 39 week period ended October 27, 2012. 
The increase in seasonal markdowns focused on maintaining appropriate 
inventory levels in key categories, and enhanced the sales productivity of our 
major seasonal marketing events.

SG&A was $1,081.7 million or 40.2% of retail sales in the 39 week period ended 
October 27, 2012 compared to $984.4 million or 38.6% of retail sales in the 39 
week period ended October 29, 2011. The SG&A as a percentage of retail sales 
increased by 1.6% in the 39 week period ended October 27, 2012 compared to the 
same period in the prior year. This increase arose largely as a result of 
$55.5 million in restructuring costs and other one-time expenses incurred in 
2012 which are not considered part of day-to-day operations, and a lower 
return from credit operations.

The increase in SG&A for the 39 week period ended October 27, 2012 was due to 
increased store payroll and benefits to support increased sales, decreased 
return from credit operations of $13.0 million due to new program terms, 
incremental costs associated with the investment in our Omni-channel platform, 
corporate reorganization charges primarily due to costs associated with 
closing distribution centres and a gain recorded in 2011 associated with the 
sale of the Halifax Hudson's Bay store. The cost increases were partially 
offset by reductions in shared service costs. Excluding the $55.5 million 
impact of one-time charges related to restructuring and Offering costs, SG&A 
as a percentage of retail sales would have improved 2.1% to 38.1% of retail 
sales in 2012 and 0.2% better than the prior period.

Adjusted for the non-recurring and IPO-related SG&A expenses, Normalized 
EBITDA decreased 9.0% to $132.9 million, or 4.9% of retail sales, in the 39 
week period ended October 27, 2012, compared to $146.1 million or 5.2% of 
retail sales in the corresponding period in 2011.

Normalized Net Earnings (Loss) - Continuing Operations improved from ($38.9 
million) in the 39 week period ended October 29, 2011 compared to ($22.2 
million) for the 39 week period ended October 27, 2012.

Hurricane Sandy Update

During the week of October 28, 2012 (the first week of the fourth quarter of 
Fiscal 2012), Hurricane Sandy swept across a large tract of the U.S. 
northeast. 80% of our Lord & Taylor stores were impacted by closings and 
limited operating hours. The effects of the storm may negatively impact fourth 
quarter sales by approximately U.S. $20 million and result in moderately 
higher inventory levels at Lord & Taylor.

Because of the disruption to our operations caused by Hurricane Sandy, we are 
providing November's same store sales information. For the month of November, 
our consolidated same store sales were flat. This was driven by positive 
comparable sales at Hudson's Bay of 9.0% and negative 12.4% comparable sales 
on a U.S. dollar basis at Lord & Taylor. Adjusting for the approximately 
U.S.$20 million impact of Hurricane Sandy, same store sales at Lord & Taylor 
would have increased 3.7% on a U.S. dollar basis, and consolidated same store 
sales would have increased 5.7%. Both banners experienced uplift in sales 
performance as a result of promotional activity during Black Friday sales at 
the end of the month.

Dividend

The Company's Board of Directors approved a dividend for holders of common 
shares of $0.09375 per common share. The Company's dividend will be paid on 
December 27, 2012 to shareholders of record at the close of business on 
December 19, 2012 and is designated as an "eligible dividend" for Canadian tax 
purposes.

Selected Consolidated Financial Information  


                                 13-week period ended                          39-week period ended
(millions of
Canadian dollars       Oct                Oct 29,
except for per         27,                                       Oct 27,                Oct 29,
share amounts)         2012                2011                    2012                   2011                 
                      $          %        $           %            $           %          $           % 
Earnings Results                                                                                               
Retail sales           930.4       100.0%   896.7       100.0%     2,690.5       100.0%   2,550.0       100.0% 
Cost of sales          (567.7−61.0% (526.0) −58.7%   (1,622.1) −60.3% (1,510.2) −59.2% 
Gross profit           362.7        39.0%   370.7        41.3%     1,068.4        39.7%   1,039.8        40.8% 
Selling, general &
administrative
expenses               (351.7−37.8% (343.4) −38.3%   (1,081.7) −40.2%   (984.4) −38.6% 
Operating income
(loss)                  11.0         1.2%    27.3         3.0%      (13.3)  −0.5%      55.4         2.2% 
Finance costs          (32.7) −3.5%  (37.9)  −4.2%      (84.1)  −3.1%   (114.4)  −4.5% 
Loss before income
taxes ("EBT")          (21.7) −2.3%  (10.6)  −1.2%      (97.4)  −3.6%    (59.0)  −2.3% 
Income tax benefit      13.2         1.4%     3.1         0.3%        35.3         1.3%      17.1         0.7% 
Net earnings
(loss) —
continuing
operations             (8.5)        -0.9%   (7.5)  −0.8%      (62.1)  −2.3%    (41.9)  −1.6% 
Net earnings
(loss) —
discontinued
operations               6.5              1,247.4                   (87.7)                1,295.1              
Net earnings (loss)
for the period         (2.0)              1,239.9                  (149.8)                1,253.2              
EBITDA((1))             42.5         4.6%    61.6         6.9%        77.4         2.9%     139.8         5.5% 
Normalized EBITDA(
(1))                    47.9         5.1%    65.2         7.3%       132.9         4.9%     146.1         5.7% 
                                                                                                           
Net Earnings (Loss)
per Common
Share — Basic
and Diluted((7) )                                                                                              
Continuing
Operations             (0.08)              (0.07)                   (0.59)                 (0.40)              
Discontinued
Operations              0.06                11.90                   (0.84)                  12.36              
Total earnings per
share                  (0.02)               11.83                   (1.43)                  11.96              
Weighted average
shares
outstanding —
basic and diluted
(millions)             104.8                104.8                    104.8                  104.8              
                                                                                                           
Same Store Sales
Percentage Change(
(2))                                                                                                           
Continuing            3.5%
  Operations                                 5.2%                     4.9%                   4.3%              
Continuing            3.9%
  Operations
  (excluding impact
  of
  Foreign Exchange)                          6.3%                     4.2%                   6.2%              
Hudson's Bay((3))     4.5%                 7.7%                     5.0%                   5.8%              
Lord & Taylor(        5.2%
  (4))                                       5.9%                     4.6%                   7.4%              
Store Information                                                                                              
Store Count((5))                                                                                               
Hudson's Bay            90                   91                                                              
Lord & Taylor           48                   46                                                              
Home Outfitters         69                   69                                                              
Total Stores             207                  206                                                              


                                                                                                              

Cash Flow Data                                                                                                

Total Capital
expenditures(
(6) )—
continuing
operations              64.2                 92.6                    137.5                  147.8             
                                                                                                 
                                    Oct 27,    Jan 28,    Oct 29,
                                      2012       2012       2011      

Balance Sheet Data((8))                  $          $          $      

Cash                                    37.9       42.4      263.9    

Trade and other receivables             53.6      124.0      139.0    

Inventories                          1,255.1    1,814.2    2,237.6    

Assets of discontinued operations                                     
held for sale ((8))                    626.0        -          -

Current assets                       2,018.1    2,007.2    2,705.1    

Property, plant and equipment        1,318.1    1,401.1    1,384.7    

Total assets                         3,859.6    3,993.5    4,721.7    

Current liabilities                  2,093.4    1,916.8    2,855.9    

Loans and borrowings (including                                       
current portion)                     1,412.6    1,192.7    1,489.1

Liabilities of discontinued                                           
operations held for sale               525.5        -          -

Shareholders' Equity                   692.3      955.9    1,057.9    
                                                                      

________________________________

Notes:  

(1)    For a reconciliation of Net Earnings (Loss) — Continuing
       Operations to EBITDA and Normalized EBITDA, please see the
       table below.

(2)    The Company calculates same store sales on a year-over-year
       basis using sales from stores operating for at least 13 months,
       Internet sales and clearance store sales.

(3)    Our sponsorship of the Vancouver 2010 Winter Olympics and our
       status as the exclusive supplier of the Canadian Olympic
       Collection resulted in significant non-recurring sales in the
       fourth quarter of Fiscal 2009 and the first quarter of Fiscal
       2010. In order to provide meaningful comparisons on a period
       over period basis, we disclose same store sales percentage
       change information excluding the impact of sales of Olympic
       merchandise for the first quarter of 2010 of $50.5 million.

(4)    Same store sales of Lord & Taylor are calculated in U.S.
       dollars.

(5)    Lord & Taylor operates two Lord & Taylor Home stores and three
       Lord & Taylor Outlet stores that are not included in the store
       count.

(6)    Capital expenditures from continuing operations are inclusive of
       software development costs and exclude expenditures associated
       with discontinued operations.

(7)    All references to shares, share prices, per share amounts and
       share plans have been adjusted retroactively for the share split
       on November 19, 2012.

(8)    Under IFRS, prior period balance sheets are not restated to
       reflect assets and liabilities of discontinued operations apart
       from ongoing operations. See Note 4 in the unaudited interim
       condensed consolidated financial statement for the thirteen and
       thirty-nine weeks ended October 27, 2012 and October 29, 2011
       for additional information.

The following table shows the reconciliation of Net Earnings (loss) — 
Continuing Operations to EBITDA as well as Normalized EBITDA.
                    13-week period ended         39-week period ended

(millions of        Oct 27,      Oct 29,       Oct 27,        Oct 29,
Canadian dollars)    2012         2011           2012           2011
                        $            $              $              $

Net Earnings (Loss)   (8.5)         (7.5)         (62.1)         (41.9)
- Continuing
Operations

  Finance costs        32.7          37.9           84.1          114.4

  Income tax         (13.2)         (3.1)         (35.3)         (17.1)
  benefit 

  Pension expense       4.6           2.8           13.7            8.4
  (non-cash) 

  Depreciation and     26.2          24.3           73.1           66.5
  amortization 

  Impairment and        0.7           7.2            3.9            9.5
  other non-cash
  expenses 

EBITDA                 42.5          61.6           77.4          139.8

Normalizing                                                            
Adjustments: 

  Restructuring and     5.4           3.6           55.5           11.9
  corporate
  reorganization 

  Gain on sale of                                                 (5.6)
  Bay Halifax
  store                 -              -             -

Total Normalized        5.4           3.6           55.5            6.3
Adjustments 

Normalized EBITDA      47.9          65.2          132.9          146.1

The following table shows the reconciliation of Net Earnings (loss) - 
Continuing Operations to Normalized Net Earnings (Loss) - Continuing 
Operations.
                    13-week period ended         39-week period ended

(millions of                                              
Canadian            Oct 27,       Oct 29,       Oct 27,       Oct 29,
dollars)             2012          2011          2012           2011
                        $             $             $              $

Net Earnings           (8.5)         (7.5)                       (41.9)
(Loss) -                                          (62.1)
Continuing
Operations

  Restructuring          3.8           2.5          38.8            8.3

  Gain on sale                                                    (5.3)
  Bay Halifax
  store                   -             -             -

  Write-down of          5.5                         5.5  
  deferred
  finance costs                         -                           -

  Impact of Tax                                    (4.4)  
  Rate Change             -             -                           -

Total Normalized         9.3           2.5          39.9            3.0
Adjustments 

Normalized Net                                            
Earnings (Loss)
- Continuing                                            
Operations( )            0.8         (5.0)        (22.2)         (38.9)

EBITDA is a non-IFRS measure that we use to assess our operating performance. 
EBITDA is defined as net earnings before interest expense, income taxes, 
depreciation and amortization expense. The Company's defined benefit pension 
plan is currently over funded, and as a result pension expense is adjusted as 
management does not expect to make any payments given the surplus position. 
For a reconciliation of net earnings to EBITDA, see the table above.

Normalized EBITDA is defined as EBITDA adjusted to exclude: (i)business and 
organization restructuring/realignment charges; (ii)merger/acquisition costs 
and expenses; and (iii)normalizing adjustments, if any, related to 
transactions that are not associated with day-to-day operations. Normalized 
Net Earnings (Loss) - Continuing Operations is defined as net earnings (loss) 
adjusted to exclude: (i)business and organization restructuring/realignment 
charges; (ii)merger/acquisition costs and expenses; and (iii)normalizing 
adjustments, if any, related to transactions that are not associated with 
day-to-day operations. We have included Normalized EBITDA and Normalized Net 
Earnings (Loss) - Continuing Operations to provide investors with supplemental 
measures of our operating performance. We believe Normalized EBITDA and 
Normalized Net Earnings (Loss) - Continuing Operations are important 
supplemental measures of operating performance because they eliminate items 
that have less bearing on our operating performance and thus highlights trends 
in our core business that may not otherwise be apparent when relying solely on 
IFRS financial measures. We also believe that securities analysts, investors 
and other interested parties frequently use EBITDA, Normalized EBITDA, and 
Normalized Net Earnings (Loss) - Continuing Operations in the evaluation of 
issuers, many of which present similar metrics when reporting their results. 
Our management also uses Normalized EBITDA in order to facilitate operating 
performance comparisons from period to period, prepare annual operating 
budgets and assess our ability to meet our future debt service, capital 
expenditure and working capital requirements and our ability to pay dividends 
on our capital share. Because other companies may calculate EBITDA, Normalized 
EBITDA, or Normalized Net Earnings (Loss) - Continuing Operations differently 
than we do, these metrics are not comparable to similarly titled measures 
reported by other companies.

Conference Call to Discuss Results

Management will discuss the quarter ended financial results and other matters 
during a conference call on Tuesday, December 11, 2012 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/eventdetail.cfm?eventid=122713. The audio instant 
replay will be available via this link until January 11, 2013.

About Hudson's Bay Company

Hudson's Bay Company ("HBC"), founded in 1670, is North America's longest 
continually operated company and is a leading retailer offering a wide 
selection of branded merchandise in Canada and the United States through its 
three banners. In the United States, HBC operates Lord & Taylor, a fashion 
department store with 48 full-line store locations throughout the northeastern 
United States and in two major cities in the Midwest. In Canada, HBC operates 
Hudson's Bay, Canada's largest national branded department store with 90 
locations. HBC also operates Home Outfitters, a kitchen, bed and bath 
superstore with 69 locations. With approximately 29,000 associates in Canada 
and the U.S., Hudson's Bay Company banners provide stylish, quality 
merchandise at great value and with a dedicated focus on exceeding customers' 
expectations.

Forward looking statements

Information in this press release that is not current or historical factual 
information may constitute forward-looking information, including 
future-oriented financial information and financial outlooks, within the 
meaning of securities laws. This information is based on certain assumptions 
regarding expected growth, results of operations, performance, and business 
prospects and opportunities. While the Company considers these assumptions to 
be reasonable, based on information currently available, they may prove to be 
incorrect. Forward-looking information is subject to a number of risks, 
uncertainties and other factors that could cause actual results to differ 
materially from what the Company currently expects. These risks, uncertainties 
and other factors include, but are not limited to: credit, market, currency, 
operational, liquidity and funding risks, including changes in economic 
conditions, interest rates or tax rates, the timing and market acceptance of 
future products, competition in the Company's markets, the growth of certain 
business categories and market segments and the willingness of customers to 
shop at the Company's stores, the Company's margins and sales and those of the 
Company's competitors, the Company's reliance on customers, risks and 
uncertainties relating to information management, technology, supply chain, 
product safety, changes in law, regulations, competition, seasonality, 
commodity price and business disruption, the Company's relationships with 
suppliers and manufacturers, changes to existing accounting pronouncements, 
the ability of the Company to successfully implement its strategic 
initiatives, changes in consumer spending, managing our portfolio of brands 
and our merchandising mix, seasonal weather patterns, economic, social, and 
political instability in jurisdictions where suppliers are located, increased 
shipping costs, potential transportation delays and interruptions, the risk of 
damage to the reputation of brands promoted by the Company and the cost of 
store network expansion and retrofits, compliance costs associated with 
environmental laws and regulations, fluctuations in currency and exchange 
rates, commodity prices, the Company's ability to maintain good relations with 
its employees, changes in the law or regulations regarding the environment or 
other environmental liabilities, the Company's capital structure, funding 
strategy, cost management programs and share price, the Company's ability to 
integrate acquisitions and the Company's ability to protect its intellectual 
property.

For more information on these risks, uncertainties and other factors the 
reader should refer to the Company's filings with the securities regulatory 
authorities, including the Company's supplemented PREP prospectus dated 
November 19, 2012, which is available on SEDAR at www.sedar.com. To the 
extent any forward-looking information in this press release constitutes 
future-oriented financial information or financial outlooks, within the 
meaning of securities laws, such information is being provided to demonstrate 
the potential of the Company and readers are cautioned that this information 
may not be appropriate for any other purpose. Future-oriented financial 
information and financial outlooks, as with forward-looking information 
generally, are based on assumptions and subject to risks, uncertainties and 
other factors. Actual results may differ materially from what the Company 
currently expects. Other than as required under securities laws, the Company 
does not undertake to update any forward-looking information at any particular 
time. The reader should not place undue importance on forward-looking 
information and should not rely upon this information as of any other date. 
All forward-looking information contained in this press release is expressly 
qualified in its entirety by this cautionary statement.

E-HBC1670



INVESTOR RELATIONS:

Lucas Evans Senior Vice President and Treasurer Hudson's Bay Company Phone: 
(416) 861-4444 Email:investorrelations@hbc.com

MEDIA CONTACTS:

Stephanie Thornbury Divisional Vice President, Communications Hudson's Bay 
Company Phone: (416) 436-8086 Email:stephanie.thornbury@hbc.com

Tiffany Bourré Senior Manager, External Communications Hudson's Bay Company 
Phone: (905) 595-7184 Email:tiffany.bourre@hbc.com

SOURCE: Hudson's Bay Company

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/December2012/11/c7946.html

CO: Hudson's Bay Company
ST: Ontario
NI: RET ERN CONF 

-0- Dec/11/2012 12:00 GMT


 
Press spacebar to pause and continue. Press esc to stop.