HBC SALES DROP AMID RETAIL SKID
Hudson’s Bay Co. on Thursday reported a 2.9 per cent decline in quarterly sales, saying fewer customers shopped in its stores, which include Saks Fifth Avenue and Lord & Taylor, amid a shift toward online shopping. The Toronto-based retailer disclosed the slump after Macy’s and Kohl’s reported bigger-than-expected declines in sales early Thursday, causing retail stocks to fall on concerns about the ongoing struggle by retailers to attract customers. Hudson’s Bay shares were among those that fell, dropping 5.6 per cent to $10.69 in trading that closed before it released its sales figures. The company said same-store sales fell 2.4 per cent at its department store group, which includes Lord & Taylor, while comparable sales at Saks declined 4.8 per cent. Its discount banners fell 6.8 per cent. The figures are for the quarter ended April 29, on a constant currency basis.