Pursuits
Saks’ Owner HBC Tumbles as Department-Store Slump Crimps Sales
- Hudson’s Bay posts bigger third-quarter loss than projected
- Results renew calls for company to do more with real estate
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Hudson’s Bay Co. tumbled as much as 6.8 percent after third-quarter results missed estimates, a sign the owner of Saks Fifth Avenue and Lord & Taylor is struggling to cope with a moribund department-store industry.
Excluding nonrecurring items, the company posted a third-quarter loss of 56 cents a share in the period, which ended Oct. 29. Analysts had projected a deficit of 22 cents, according to data compiled by Bloomberg. Sales and adjusted earnings also fell short of predictions.