Jan 9 Hudson's Bay Co, the owner of
U.S. luxury retail chain Saks Fifth Avenue, cut its full-year
revenue forecast for the second time, citing a challenging
retail environment in the United States and Europe.
The Canadian company said its consolidated comparable sales
decreased by 0.7 percent on a constant currency basis in the
nine-week holiday selling period ended Dec. 31.
Disappointing holiday-season sales were reported by Macy's
Inc and Kohl's Corp last week as shoppers turned
to online retailers. Both the companies had also cut their
full-year profit forecasts.
Hudson's Bay, the oldest continuously operating company in
North America, on Monday forecast 2016 sales of C$14.4
billion-C$14.6 billion ($10.90 billion-$11.05 billion), compared
with its reduced guidance of C$14.5 billion-C$14.9 billion in
"While we were pleased with our performance at Hudson's Bay
in Canada, the retail environment has remained challenging in
the U.S. and Europe and the significant promotional activity
during the holiday period had a negative impact on our margins,"
Chief Executive Jerry Storch said in a statement.
($1 = C$1.32)
(Reporting by Vishaka George in Bengaluru; Editing by Maju