Acquiring Saks has worked well for Hudson's Bay
Toronto-based Hudson’s Bay Company more than doubled its Q1 sales thanks mostly to iconic American retailer Saks Fifth Avenue, which it acquired last year.
The company’s Q1 sales were $1.9 billion, up from $884 million the year before. Same-store sales, which include those of Hudson’s Bay, Lord & Taylor, Saks, and the off-price Off 5th, increased 2.8%. Growth was attributed greatly to menswear and beauty, and, at Saks, menswear and accessories.
The company will welcome a new chief financial officer, Paul Beesley, June 9.
Not everyone thought that Hudson’s Bay Company’s acquisition last year of struggling American retailer Saks Fifth Avenue would be a slam dunk for the company. Saks had dented its upscale image with heavy discounting as it struggled with sales. But Hudson’s Bay has worked hard to bring Saks back up by successfully catering to its traditional luxury clientele, and that appears to be paying off for Saks as well as its new parent.