Pursuits
Hudson's Bay Shares Hit Record Low as Holiday Sales Disappoint
- Increasing discounts, currency headwinds hampered results
- Results follow disappointing holiday sales at Macy’s, Kohl’s
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Hudson’s Bay Co., the Canadian department-store giant that owns Saks Fifth Avenue and Lord & Taylor, suffered its worst stock decline since going public after a dismal holiday season weighed on its sales forecast.
The company now expects sales of C$14.4 billion ($10.9 billion) to C$14.6 billion this fiscal year, according to a statement on Monday. It had previously forecast as much as C$14.9 billion for the period, which runs through January.