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Entries in Saks (6)

Friday
Apr032015

BELK INC EXPLORING POSSIBLE SALE OR MERGER

Belk Inc., founded in 1888 by William Henry Belk and in the third generation of Belk family leadership, has hired Goldman Sachs to help it evaluate strategic alternatives, including a potential sale. Belk is the largest family owned department store chain in the US, valued at as much as $4 billion.

In fiscal year 2014, ending January 31, 2015, Belk posted net sales of $4.1 billion, up 1.8% compared to the previous year. After Reuters reported on the potential sale, Belk issued a statement that it had hired Goldman Sachs to help them explore all options and expect to conclude its analysis in the next several months.

US consumer spending has been slow moving this year despite lower gas prices, due to weather conditions and consumers’ desire to save. This has affected department store sales, prompting chains to resort to smaller store models and aggressive discounting.

The last major acquisition in the department store sector was Canadian chain Hudson’s Bay Co, owner of the Lord & Taylor chain, which acquired Saks in 2013 for $2.9 billion. Major department stores like Macy’s and Nordstrom are expected to be contacted by Belk to solicit their interest in a deal. Neither Goldman Sachs, Macy’s nor Nordstrom responded to requests for comment.

Belk operates 297 stores in the southern US and is based in Charlotte, North Carolina.

Source: Reuters.com

Thursday
Dec112014

Saks Boosts Profits At Hudson's Bay Co. In Q3

December 9, 2014

Higher same store sales and its purchase of Saks Inc. last year helped Hudson's Bay Co. post a smaller quarterly loss in the third quarter.

The company had a $13 million net loss and profits of $116 million, both improvements from the same time last year.  Same-store sales rose 1.7% in the third quarter.

"We are pleased with our third quarter financial performance," stated Richard Baker, HBC's governor and CEO.  "We remain on track with our integration of Saks and continue to gain traction on our strategic growth initiatives, especially at HBC Digital where we experienced substantial sales growth.  We are well-positioned for the holiday shopping season with a value proposition underpinned by differentiated merchandising and superior customer service initiatives across all our banners.  We remain confident in achieving our financial performance targets for fiscal 2014."

Total sales at HBC nearly doubled to $1.913 billion, from $984 million a year earlier.  The increased sales was mostly a result of the Saks Fifth Avenue acquisition, although e-commerce sales also grew.  Hudson's Bay said it is on track to meet its 2014 guidance, which calls for sales of between $7.8 billion and $8.1 billion and normalized earnings of between $580 million and $620 million.

The company also announced it has appointed Ian Putnam to the position of EVP-chief corporate development officer.  Putnam has advised HBC since 2008 and has acted on the company's behalf in all of its major  corporate transactions since that time.  Last month the company outlined a $1.25 billion refinancing plan to reduce interest payments on debt it took on after buying Saks.  Hudson's Bay bought Saks for $2.4 billion and assumed $500 million of the U.S. company's debt.

"We continue to progress on the five core strategies of our long-term plan to grow our sales.  We remain committed to driving digital sales across all our banners, growing OFF 5th, bringing Saks Fifth Avenue and OFF 5th to Canada, driving outsized growth at our top doors and driving synergies and efficiencies across our business.  In addition, our recently completed US $1.25 billion, 20-year mortgage on the ground portion of our Saks Fifth Avenue flagship in New York City has strengthened our financial position by providing long-term, fixed-rate capital on highly attractive terms," Baker said.

Hudson's Bay Co. operates 170 Lord & Taylor, Saks Fifth Avenue and Saks Fifth Avenue OFF 5th stores in the United States.

Source: Retailing Today

Friday
Nov082013

Hudson's Bay Company Completes Acquisition of Saks Incorporated

TORONTO--(BUSINESS WIRE)-- Hudson's Bay Company (TSX:HBC) ("HBC" or the "Company") is pleased to announce that it has successfully completed its previously announced acquisition (the "Acquisition") of all of the outstanding shares of Saks Incorporated ("Saks") for US$16.00 per share in an all-cash transaction valued at approximately US$2.9 billion, including debt.

With the Acquisition, HBC creates a premier North American fashion retail business centered on three iconic retail brands — Hudson's Bay, Lord & Taylor and Saks Fifth Avenue. The combined Company will operate a total of 320 stores, including 179 full-line specialty department stores, 72 outlet stores and 69 home stores in prime locations throughout the U.S. and Canada, along with three e-commerce sites.

Thursday
Aug152013

Hudson’ Bay to Purchase Saks Fifth Avenue

Canadian retailer Hudson’s Bay, parent company to Lord & Taylor stores, has agreed to purchase Saks Fifth Avenue, based in New York City. The buyout is expected to close by year end.

The combination of these three brands will make the company one of the largest luxury brand retailers in North America, with over 320 stores.

During a conference call with investors, Hudson's Bay Co. Chairman and CEO Richard Baker said the goal is to bring Saks luxury brand into Canada. The company plans to open up seven Saks Fifth Avenue stores and 25 Off Fifth outlet stores to Canada.  "With the addition of Saks, (Hudson's Bay) will offer consumers an unprecedented range of retailing categories and shopping experiences," Baker said.

Global luxury sales, including higher-end jewelry and clothes, rose an estimated 10 percent to $281.96 billion last year, according to the latest study from Bain & Co. In North America, luxury sales were up an estimated 12 percent to $81.33 billion.

Monday
Aug062012

Department Store Players Largely Strong In July

Helped by hot weather and clearance sales, many retailers reported solid results in July, a month that can be slow leading up to the back to school shopping season.  Some of the strongest showings in the month were in the department store category, as all those reporting showed July gains.  

Macy's led the pack with a 4.1% same-store rise in sales.  Total sales increased 5.1% to $1.7 billion over the four-week period.  "Despite some challenges from a sluggish macroeconomic environment and a temporary disruption of sales from the remodeling project at our Herald Square flagship store in New York City, the spring season met our expectations," said Macy's president and CEO Terry Lundgren.

Kohl's reported a lesser 1.7% gain in same-store sales, with total sales up 3.4%.  "We are pleased with the improvement in July's comparable store sales," said Kevin Mansell, president and CEO.

Other department store July results include: Nordstrom same-store sales edged up 0.9%; Saks increased 3.5%; Bon-Ton Stores rose a slight 0.1%; and Stage Stores gained 5.3%, beating the 2.2% rise expected by Wall Street.

Source: retailingtoday.com

Thursday
Apr122012

Warm weather gives apparel retailers and department stores a boost in March

The warmest March in North America in more than 50 years resulted in many apparel retailers and department stores registering solid gains in March, as an early spring brought out shoppers looking for seasonal merchandise earlier than they typically would. 

Macy’s, Kohl’s Corp., Limited Brands and Gap Inc. were among the retailers who topped analyst estimates.

Macy's said that its same-store sales climbed 7.3%, outpacing the 4.8% increase predicted by the Street. The company also raised its forecast for the key revenue metric for the combined March and April period, citing its strong March results.

Macy's, which includes online sales in its calculation of the key monthly revenue figure, said that it benefited from an earlier Easter and moving a cosmetics event to March from April last year. Total revenue for the five weeks ended March 31 increased 6.9% to $2.36 billion.

Limited, parent of Victoria's Secret and Bath and Body Works, said its same-store sales in March rose 8%, topping Wall Street expectations.

Gap Inc. reported a 10% increase in same-store sales in March, benefitting from customer response to its new merchandise. By brand, Gap North America’s sales rose 9%,  Banana Republic North America’s sales were up 5% and Old Navy North America saw its sales climb 11%. International sales were up 2%.

“We delivered solid sales performance in March and are pleased with customer response to product across all brands,” said Glenn Murphy, chairman and CEO of Gap.

Kohl’s credited warmer weather and an earlier Easter with helping to boost its same-store sales in March by 3.6%. Analysts had expected an increase of 2.1%.

Saks Inc. said its same-store sales rose 6.3% in March on strong demand for contemporary apparel, accessories and other items. The results matched average Wall Street predictions.

At The Buckle, same-store sales in March rose 6.4%, less than Wall Street had expected.

In other apparel same-store sales results for March,  Zumiez same-store sales rose 14.1%; The Wet Seal reported a 7.8% decline; and Cato Corp.’s sales increased 7%.

Source: retailingtoday.com