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The Hudson's Bay Company, owner of Saks and Lord & Taylor, has seen many changes since his last holiday season. She hired Helena Foulkes, former CEO of CVS Health, as CEO, to sell her flash website, Gilt.com, and for about half of her stake in her European business.
While Hudson's Bay focuses more on its core business in the United States, it must show that Saks and Lord & Taylor are strong enough to keep the company afloat.
Saks seems to be in a stronger position. Its sales in the last quarter increased by 6.7% compared to the same quarter of the previous year.
"Saks is well positioned as the authority of high-end luxury fashion, but much remains to be done to improve the fundamentals of retail," a Scotiabank analyst recently wrote.
In the division that houses Lord & Taylor, Home Outfitters and its eponymous store, sales fell 3.8% in the last quarter.
This holiday season will be the last one for guests to visit the Lord & Taylor store's party windows on Fifth Avenue in New York City. The store is one of the many stores that will close because Lord & Taylor is trying to reduce its footprint, hoping to redefine its place in retail. The department store is struggling to find its place because it is in the delicate position of being neither up nor down.
Shares of the Canadian company are down 34% since January.
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