Following a first quarter in which retail sales were down low-single digits, Hudson’s Bay has named a new president of its Canadian division and is implementing a “transformational plan” that includes reducing 2,000 positions company wide.
For the quarter ending April 29, sales were $3.2 billion, down 3% year-over-year. Company officials pinned the decrease on lower overall comparable sales of approximately $94 million and the negative impact on currency exchange rates.
“This was a tough quarter for HBC,” said Richard Baker, HBC’s governor and executive chairman. “While the retail apparel market remains particularly challenging, we are taking steps to adapt, beginning with our transformation plan. This initiative will reshape our organization to accelerate delivery of a best-in-class all-channel experience to our customers while improving our cost structure.”
According to the company, the transformation plan will create two leadership teams,…