HBC gets big bump in sales from Saks acquisition

Canadian retailer Hudson's Bay Co (TSX: HBC) has reported financial results for the first quarter of 2014, showing sales totaling $1.85 billion, or more than double the $884 million of the prior year. This increase was primarily attributable to the inclusion of New York-based luxury retailer Saks Inc, which Hudson's Bay acquired last November in a deal valued at US$2.9 billion, including debt. The company also reported net earnings of $176 million in Q1 2014, compared to a net loss of $82 million the year before. Hudson's Bay is a portfolio investment of U.S. private equity firm NRDC Equity Partners.

DealsCanadaNorth AmericaBriefs