TORONTO Feb 23 Hudson's Bay Co
reported lower sales in the fourth quarter after markets closed
on Thursday, hurt by weaker results in its European, Saks OFF
5th and Gilt operations.
The company said consolidated comparable sales for the
fourth quarter ended Jan. 28 fell 1.2 percent on a constant
HBC, which operates luxury retail chain Saks Fifth Avenue,
said annualized savings from an operations review are expected
to be around C$75 million ($57.23 million), with most of the
savings expected this year. The department store operator also
said it expects one-time charges totaling close to C$30 million.
($1 = 1.3105 Canadian dollars)
(Reporting by Solarina Ho; Editing by Dan Grebler)