TORONTO — Hudson’s Bay Co. reported operating income advanced 13.9 percent in the second quarter to $13.7 million ($18.8 million Canadian), or 33 cents per share, from net income of C$16.5 million, or 32 cents, a year ago, reflecting a $7.3 million (C$10 million) increase in operating profits at The Bay.
Net income of $29.9 million (C$40.9 million), or 72 cents a share, in the quarter ended July 31 for Canada’s largest department store retailer includes tax credits adding up to $16.2 million (C$22.2 million), or 39 cents a share.
Sales grew 10.5 percent to $956.3 million (C$1.31 billion) against C$1.19 billion.
Operating profits at The Bay department store chain nearly doubled in the second quarter to $15.2 million (C$20.8 million) versus C$10.8 million. Discount department store Zellers saw its operating profits skid 16.8 percent in the period to $27.2 million (C$37.3 million) from C$44.8 million.
Second-quarter sales at The Bay gained 12.9 percent to $379.3 million (C$519.6 million) against C$460.3 million in the year-ago period, while sales at Zellers climbed 9.8 percent to $559.8 million (C$766.8 million) from C$698.7 million.
It is slated to have 295 Zellers by yearend.
— Fairchild News Service