Sale boosts HBC profits

Hudson's Bay Co. reported a profit of $275 million in its latest quarter, boosted by the sale of its flagship Lord and Taylor building in New York.

The retailer says the profit amounted to $1.15 per share for the quarter ended May 4 compared with a loss of $398 million or $2.17 per share in the same quarter last year.

Excluding one-time items, HBC said its normalized net loss was $209 million or $1.14 per share for its most recent quarter compared with a normalized loss of $114 million or 62 cents per share a year ago.

Retail sales in the quarter totalled $2.08 billion, down from $2.15 billion in the same quarter last year.

The results follow an offer earlier this week by a group of shareholders led by HBC executive chairman Richard Baker to take the retailer private, once it completes the sale of its remaining German holdings for $1.5 billion.

The proposed price was $9.45 per share cash — the same price paid by one of Baker's business entities to buy a 10 per cent bloc of shares from the Ontario Teachers' Pension Plan in January.

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