DUESSELDORF, Germany, April 7 Canadian
department store operator Hudson's Bay Co said on
Friday it planned to invest around 400 million euros ($425
million) in Europe this year in a bid to grow its sales there by
20 percent over the next two years.
Profits in Europe will grow even faster than sales, the
group's Chief Executive Jerry Storch said.
Hudson's Bay, the owner of Saks Fifth Avenue and Lord &
Taylor, had on Thursday unexpectedly named a new chief of its
European business and said it was looking at a "major
reinvention" of its business operations.
Storch on Friday poured cold water on speculation that
Hudson's Bay was considering a sale of the Kaufhof chain of
German department stores, saying such rumours were "absurd".
Asked about reports that Hudson's Bay was in exploratory
talks with debt-laden luxury retailer Neiman Marcus Group,
Chairman Richard Baker said the group was interested in
If there were opportunities for takeovers that were a good
fit for the group, then Hudson's Bay would consider them, he
($1 = 0.9406 euros)
(Reporting by Matthias Inverardi; Writing by Maria Sheahan;
Editing by Arno Schuetze)