Tiffany & Co. announces sales results for the holiday period

NEW YORK, 2017-Jan-18 — /EPR Retail News/ — Tiffany & Co. (NYSE:TIF) reported its sales results for the two months ended December 31, 2016 (“holiday period”). Worldwide net sales of $966 million were slightly above $961 million a year ago, with sales growth in Asia-Pacific and Japan largely offset by lower sales in the Americas and Europe; worldwide comparable store sales declined 2%. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP Measures”), worldwide net sales rose 1% from the prior year and comparable store sales declined 1%. There were no significant variations in performance among jewelry categories.

Frederic Cumenal, chief executive officer, said, “These overall holiday period sales results were somewhat lower than we had anticipated, but we continue to benefit from a favorable gross margin and prudent expense management. Although we do not anticipate any significant improvement in 2017 to the macroeconomic challenges that we faced this year, we continue to focus on our initiatives to enhance our stores and our customers’ experience, and to add newness to our product assortment, while maintaining effective marketing communications and a well-developed supply chain. We believe executing on these initiatives, which are within our control, will contribute over the long-term to strengthening Tiffany’s competitive position among global luxury brands.”

Net sales by region were as follows:

  • In the Americas, both total sales of $483 million and comparable store sales were 4% below the prior year. On a constant-exchange-rate basis, total sales declined 4% and comparable store sales declined 3%. Management attributed the lower sales to local customer spending, with a decline in U.S. sales exacerbated by a 14% decline at the Company’s Flagship store on Fifth Avenue in New York, which we attribute at least partly to post-election traffic disruptions.
  • In the Asia-Pacific region, total sales increased 7% to $200 million and comparable store sales declined 4%. On a constant-exchange-rate basis, total sales rose 9% and comparable store sales declined 3%. Management noted strong growth in retail sales in China and in wholesale sales in Korea, but softness in most other markets throughout the region.
  • In Japan, total sales rose 16% to $143 million and comparable store sales rose 21%, which management attributed to higher spending by local customers. On a constant-exchange-rate basis, total sales increased 8% and comparable store sales rose 12%. Strong retail sales growth was partly offset by lower wholesale sales.
  • In Europe, total sales of $119 million were 10% below the prior year and comparable store sales declined 11%. On a constant-exchange-rate basis, total sales were equal to the prior year and comparable store sales were 4% below the prior year. Management attributed the sales performance to weak demand across continental Europe tied to domestic and foreign tourist spending, and noted modest growth in local-currency sales in the United Kingdom.
  • Other sales of $20 million rose 33% and comparable store sales declined 7% reflecting increased wholesale sales of diamonds, offset by lower retail sales in the United Arab Emirates (“UAE”).
  • At December 31, 2016, the Company operated 314 stores (125 in the Americas, 86 in Asia-Pacific, 55 in Japan, 43 in Europe, and five in the UAE), versus 307 stores a year ago (125 in the Americas, 81 in Asia-Pacific, 56 in Japan, 40 in Europe, and five in the UAE).

Full Year 2016 Outlook:

For the full 2016 fiscal year, (i) management expects earnings per diluted share to decline by no more than a mid-single-digit percentage on a GAAP basis, as well as on an adjusted basis (which in 2016 excludes a charge of approximately $0.13per diluted share to be recorded in the fourth quarter of 2016 related to the impairment of capitalized costs for the development of a replacement of the Company’s finished goods inventory management system, and, in 2015, excluded loan impairment and certain staffing and occupancy charges – see “Non-GAAP Measures”); and (ii) management continues to expect worldwide net sales declining by a low single-digit percentage from the prior year. These expectations are approximations and are based on the Company’s plans and assumptions, including: (i) worldwide gross retail square footage increasing 3%, net through 11 store openings, 5 relocations and 6 closings; (ii) operating margin below the prior year due to an anticipated increase in gross margin more than offset by SG&A expense growth; (iii) interest and other expenses, net lower than 2015; (iv) an effective income tax rate consistent with the prior year; (v) the U.S. dollar unchanged at current spot rates versus other foreign currencies for the balance of the year; and (vi) weighted average diluted shares outstanding lower than in fiscal 2015. Management also expects for the full 2016 fiscal year: net cash provided by operating activities of more than $575 million and free cash flow (net cash provided by operating activities less capital expenditures – see “Non-GAAP Measures”) of more than $325 million, both of which now include a previously-unplanned and voluntary contribution of $125 million to the Company’s U.S. pension plan. These expectations are approximations and are based on the Company’s plans and assumptions, including: (i) net inventories below the prior year, (ii) capital expenditures of $240 million and (iii) net earnings in line with management’s expectations described above.

Next Scheduled Announcement:

The Company expects to report its fourth quarter and full year results on Friday March 17th before the market opens. To be notified of future announcements, please register at (“E-Mail Alerts”).

Tiffany is the internationally-renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalog and business gift operations. For additional information, please visit or call our shareholder information line at 800-TIF-0110.

Forward-Looking Statements:

The historical trends and results reported in this document should not be considered an indication of future performance. Further, statements contained in this document that are not statements of historical fact, including those that refer to plans, assumptions and expectations for the current fiscal year and future periods, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the statements under “Full Year 2016 Outlook” as well as statements that can be identified by the use of words such as ‘expects,’ ‘projects,’ ‘anticipates,’ ‘assumes,’ ‘forecasts,’ ‘plans,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘pursues,’ ‘continues,’ ‘outlook,’ ‘may,’ ‘will,’ ‘can,’ ‘should’ and variations of such words and similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding the Company’s plans, assumptions, expectations, beliefs and objectives with respect to store openings and closings; product introductions; sales; sales growth; sales trends; store traffic; competitive position; retail prices; gross margin; operating margin; expenses; interest and other expenses, net; effective income tax rate; net earnings and net earnings per share; share count; inventories; capital expenditures; cash flow; liquidity; currency translation; macroeconomic conditions; growth opportunities; litigation outcomes and recovery related thereto; the collectability of amounts due under financing arrangements with diamond mining and exploration companies; contributions to Company pension plans; and certain ongoing or planned real estate, product, marketing, retail, customer experience, manufacturing, supply chain, information systems development, upgrades and replacement, and other operational and strategic initiatives.

These forward-looking statements are based upon the current views and plans of management, speak only as of the date on which they are made and are subject to a number of risks and uncertainties, many of which are outside of our control. Actual results could therefore differ materially from the planned, assumed or expected results expressed in, or implied by, these forward-looking statements. While we cannot predict all of the factors that could form the basis of such differences, key factors include, but are not limited to: global macroeconomic and geopolitical developments; changes in interest and foreign currency rates; changes in taxation policies and regulations; shifting tourism trends; regional instability, violence (including terrorist activities), election-related or other political activities or events, and weather conditions that may affect local and tourist consumer spending; changes in consumer confidence, preferences and shopping patterns, as well as our ability to accurately predict and timely respond to such changes; shifts in the Company’s product and geographic sales mix; variations in the cost and availability of diamonds, gemstones and precious metals; changes in our competitive landscape; disruptions impacting the Company’s business and operations; failure to successfully implement or make changes to the Company’s information systems; gains or losses in the trading value of the Company’s stock, which may impact the amount of stock repurchased; and our ability to successfully control costs and execute on, and achieve the expected benefits from, the operational and strategic initiatives referenced above. Developments relating to these and other factors may also warrant changes to the Company’s operating and strategic plans, including with respect to store openings, closings and renovations, capital expenditures, information systems development, inventory management, and continuing execution on, or timing of, the aforementioned initiatives. Such changes could also cause actual results to differ materially from the expected results expressed in, or implied by, the forward-looking statements.

Additional information about potential risks and uncertainties that could affect the Company’s business and financial results is included under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2016 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent quarterly report on Form 10-Q. Readers of these documents should consider the risks, uncertainties and factors outlined above and in the Form 10-K in evaluating, and are cautioned not to place undue reliance on, the forward-looking statements contained herein. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law or regulation.



The Company reports information in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Internally, management also monitors and measures its performance using certain sales and earnings measures that include or exclude amounts, or are subject to adjustments that have the effect of including or excluding amounts, from the most directly comparable GAAP measure (“non-GAAP financial measures”). The Company presents such non-GAAP financial measures in reporting its financial results to provide investors with useful supplemental information that will allow them to evaluate the Company’s operating results using the same measures that management uses to monitor and measure its performance. The Company’s management does not, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures presented here may not be comparable to similarly-titled measures used by other companies.

Net Sales

The Company’s reported net sales reflect either a translation-related benefit from strengthening foreign currencies or a detriment from a strengthening U.S. dollar. Internally, management monitors and measures its sales performance on a non-GAAP basis that eliminates the positive or negative effects that result from translating sales made outside the U.S. into U.S. dollars (“constant-exchange-rate basis”). Sales on a constant-exchange-rate basis are calculated by taking the current year’s sales in local currencies and translating them into U.S. dollars using the prior year’s foreign exchange rates. Management believes this constant-exchange-rate basis provides a useful supplemental basis for the assessment of sales performance and of comparability between reporting periods.

Free Cash Flow

Internally, management monitors its cash flow on a non-GAAP basis. Free cash flow is calculated by deducting capital expenditures from net cash provided by operating activities. The ability to generate free cash flow demonstrates how much cash the Company has available for discretionary and non-discretionary purposes after deduction of capital expenditures. The Company’s operations require regular capital expenditures for the opening, renovation and expansion of stores and distribution and manufacturing facilities as well as ongoing investments in information technology. Management believes this provides a useful supplemental basis for assessing the Company’s operating cash flows.

Mark L. Aaron

Source: Tiffany & Co.

GameStop announces sales results for the nine-week holiday period

GRAPEVINE, Texas, 2017-Jan-14 — /EPR Retail News/ — GameStop Corp. (NYSE:GME), a family of specialty retail brands that makes the most popular technologies affordable and simple, today (Jan. 13, 2017) reported sales results for the nine-week holiday period ended December 31, 2016.

Total global sales for the holiday period were $2.50 billion, a 16.4% decline compared to the 2015 holiday sales period. Total comparable store sales decreased 18.7%.  Comp trends improved from November to December (-26.6% in Nov. and -13.0% in Dec.) and are expected to continue to improve in January. November’s comp was significantly impacted by weak Call of Duty: Infinite Warfare and Titanfall 2 sales and aggressive console promotions on Thanksgiving Day and Black Friday.

Paul Raines, chief executive officer, stated, “During the holiday period, sales in the video game segment were impacted by industry weakness, promotional pricing pressure and lower in-store traffic, amidst a difficult holiday season for many retailers. We are disappointed with our overall results, but looking broadly, we did see continued growth in our non-physical gaming businesses and we expect this category to approach 40% of our earnings in fiscal 2016. As we look forward to 2017, we remain focused on our transformation plan, which includes growing our non-gaming businesses, right-sizing our global store portfolio by continuously evaluating non-productive stores for closure, and maintaining strong financial discipline, including reducing SG&A by $100 million by 2019.”

Gaming Business Update

  • New hardware sales decreased 30.3% as strong sales of recently released new hardware, such as the Nintendo NES Classic, were offset by a greater-than-expected decline in PlayStation 4 and Xbox One hardware sales.
  • Sales of new video game software decreased 22.8% due to difficult comparisons to titles launched a year ago, lower average selling prices and decreased store traffic.
  • Pre-owned sales outpaced new software sales, but declined 7.9% compared to holiday 2015.
  • GameStop’s PowerUp Rewards loyalty program grew 10% over the last twelve months surpassing 51 million members worldwide.
  • Based on the data released by NPD, the company calculated that it lost market share in November and to a lesser degree in December. GameStop maintained its overweight share on new titles launched, but less overall sales of new games led to a mix shift to catalog and a slight decline in total market share.

Non-Physical Gaming Business Update

  • Non-GAAP digital receipts decreased 9.2% to $295.5 million, or $42.5 million of sales on a GAAP basis, primarily as a result of the decline in new console software sales.
  • Driven by an assortment of Pokémon products, Collectibles sales increased 27.1% to $176.9 million, with year-to-date sales reaching our guidance of $450 to $500 million.
  • Technology Brands revenues, which are not included in comparable store sales, expanded by 44.0% to $192.4 million, driven by store growth and strong sales of the iPhone 6s, iPhone 7 and Samsung Galaxy S7.

Capital Allocation Update
During the holiday period, GameStop repurchased 755,400 shares of common stock at an average price of $22.63, or $17.1 million worth of stock. Year-to-date, the company has repurchased 2.1 million shares at an average price of $25.19, or $53.1 million worth of stock. As of the end of the holiday period, there was approximately $192.2 million remaining of the current share repurchase authorization.  The company intends to repurchase $75 million of stock in fiscal 2016.

Guidance Update
GameStop is reiterating its previously announced fourth quarter and full-year 2016 earnings per share guidance of $2.23 to $2.38 and $3.65 to $3.80, respectively, excluding any year-end impairments and store closing charges, based on a favorable fourth quarter tax rate of between 32.5% and 34.5% compared to the initially forecasted rate of 36.0%. Comparable store sales for the fourth quarter are now expected to be in a range of -18.0% to -16.0% and -12.0 to -10.0% for the fiscal year.

About GameStop
GameStop Corp. (NYSE:GME), a Fortune 500 company headquartered in Grapevine, Texas, is a global, multichannel video game, consumer electronics and wireless services retailer. GameStop operates more than 7,600 stores across 14 countries. The company’s consumer product network also includes, a leading browser-based game site; Game Informer® magazine, the world’s leading print and digital video game publication; and ThinkGeek,, the premier retailer for the global geek community featuring exclusive and unique video game and pop culture products. In addition, our Technology Brands segment includes Simply Mac and Spring Mobile stores. Simply Mac,, operates 70 stores, selling the full line of Apple products, including laptops, tablets, and smartphones and offering Apple certified warranty and repair services. Spring Mobile,, sells post-paid AT&T services and wireless products through its 1,436 AT&T branded stores and offers pre-paid wireless services, devices and related accessories through its 68 Cricket branded stores in select markets in the U.S.

General information about GameStop Corp. can be obtained at the company’s corporate website. Follow GameStop on Twitter @ and find GameStop on Facebook @

Non-GAAP Measures
As a supplement to our financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), GameStop uses certain non-GAAP measures, such as digital receipts, to provide a clearer perspective of the current operating performance of the company. GameStop defines digital receipts as the full amount paid by the customer for digital content at the time of sale and/or the value attributed to digital content when physical and digital products are sold combined. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported GAAP financial results. A reconciliation of forward-looking non-GAAP projections to GAAP financial measures is not available as the amount of potential adjustments cannot be determined at this time.

Safe Harbor
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, the outlook for the fourth quarter and fiscal 2016, future financial and operating results and projections, projected store openings, timing and terms of potential acquisitions, the company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of GameStop’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. GameStop undertakes no obligation to publicly update or revise any forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the inability to obtain sufficient quantities of product to meet consumer demand, including console hardware and accessories; the timing of release and consumer demand for new and pre-owned video game titles; our ability to continue to expand, and successfully open and operate new stores for, our collectibles and tech brands businesses; risks associated with achievement of anticipated financial and operating results from acquisitions; our ability to sustain and grow our console digital video game sales; the timing and amount of recognition of tax attributes; the impact of cost reduction initiatives, including store closing charges and intangible asset impairments; the risks associated with international operations, wireless industry partnerships and operations and the completion and integration of acquisitions; increased competition and changing technology in the video game industry, including browser and mobile games and digital distribution of console games, and the impact of that competition and those changes on physical video game sales; and economic, regulatory and other events, including litigation, that could reduce or impact consumer demand or affect the company’s business. Additional factors that could cause GameStop’s results to differ materially from those described in the forward-looking statements can be found in GameStop’s Annual Report on Form 10-K, as amended, for the fiscal year ended Jan. 30, 2016 filed with the SEC and available at the SEC’s Internet site at or


Matt Hodges
VP, Corporate Communications GameStop Corp.

Source: Gamestop Corporation/globenewswire

Hudson’s Bay Company announces sales results for the nine week period ending December 31, 2016 and updates on Fiscal 2016 Outlook

TORONTO & NEW YORK, 2017-Jan-12 — /EPR Retail News/ — Hudson’s Bay Company (“HBC” or the “Company”) (TSX:HBC) today (January 9, 2017) announced its comparable sales results for the nine week period ending December 31, 2016, and provided an update on its financial outlook for Fiscal 2016.

Jerry Storch, Chief Executive Officer, HBC commented, “Our holiday sales trend improved considerably from what we experienced in the third quarter. On a constant currency basis, the comparable sales trend improved for the Company overall and across every banner, led by strong digital sales growth of 21.7% at our department store banners. However, the sales improvement that we experienced was not strong enough to achieve the results we had expected. Also, while we were pleased with our performance at Hudson’s Bay in Canada, the retail environment has remained challenging in the U.S. and Europe and the significant promotional activity during the holiday period had a negative impact on our margins. This margin pressure was compounded by a declining value of the Euro compared with the Canadian dollar which impacts our translated earnings from HBC Europe. As we head into the new fiscal year, we are focused on continuing to delight our customers with exclusive product offerings and custom all-channel shopping experiences, and by creating exciting retail destinations to increase foot traffic in our stores. The retail environment is clearly changing, and we continue to work diligently across all of our banners to adapt rapidly. This involves evaluating all opportunities to increase the profitability of HBC, and we expect to provide further details on this process in the coming months.”

Comprehensive operational review

HBC continues its focus on improving its business operations as it adapts to a changing retail environment. Late in 2016, the Company launched a comprehensive review of its business operations to identify efficiencies, streamline processes and improve back of store productivity, while also enhancing customer service. Management expects that these initiatives will provide opportunities to increase profitability while ensuring that the Company is prepared to meet the challenges of an evolving retail environment. Over the coming months, the Company expects to provide additional details as work progresses.

Comparable Sales

For the nine week period beginning October 30, 2016 and ending December 31, 2016(1)

  • On a constant currency basis, consolidated comparable sales decrease of 0.7%
    • DSG (Hudson’s Bay, Lord & Taylor and Home Outfitters) comparable sales increase of 1.2%
    • Saks Fifth Avenue comparable sales decrease of 0.5%
    • HBC Off Price (Saks OFF 5TH and Gilt) comparable sales decrease of 5.2%
    • HBC Europe (GALERIA Kaufhof, Galeria INNO and Sportarena) comparable sales decrease of 0.6%
  • Total digital sales, which include Gilt on a pro forma basis, increase of 14.7% on a constant currency comparable basis. Excluding Gilt, total digital sales increase of 21.7% on a constant currency comparable basis.
  • Including the impacts of foreign exchange, consolidated comparable sales decrease of 2.0%

(1) Comparable sales are a Non-IFRS Measure. For the definition of comparable sales results expressed on a constant currency comparable basis, see “Non-IFRS Measures” below.


The following outlook is fully qualified by the “Forward-Looking Statements” section of this press release.

The Company’s previously disclosed Fiscal 2016 outlook was based on management’s expectations of flat to low single digit overall comparable sales growth, calculated on a constant currency basis, during the remainder of Fiscal 2016, which included the holiday selling period. Given the Company’s sales results for the holiday selling period and lower than expected gross margins realized to date during the fourth quarter, management is reducing its sales, Adjusted EBITDAR and Adjusted EBITDA outlooks for Fiscal 2016(2). This outlook reflects, among other things, the Company’s performance to date and an updated exchange rate assumption for the EUR/CAD.

(Canadian dollars) Fiscal 2016
Sales $14.4 to $14.6 billion
Adjusted EBITDAR $1,340 to $1,390 million
Adjusted EBITDA $615 to $665 million

The Company now expects total capital investments, net of landlord incentives, to be between $660 million and $710 million, which is approximately 4.5%-4.9% of the midpoint of the Sales outlook. Included in these amounts is the capital expenditure associated with the recent acquisitions of the GALERIA Kaufhof, Galeria INNO, Sportarenaand Gilt banners.

The above outlook reflects exchange rate assumptions of USD:CAD = 1:1.32 and EUR:CAD = 1:1.45. Any variation in these foreign exchange rate assumptions and/or other material assumptions and factors described in the “Forward-Looking Statements” section of this press release could impact the above outlook.

(2) Adjusted EBITDAR and Adjusted EBITDA are Non-IFRS Measures. See “Non-IFRS Measures” section for additional details.

Non-IFRS Measures

EBITDA and EBITDAR are non-IFRS measures that the Company uses to assess its operating performance. EBITDA is defined as net (loss) earnings before finance costs, income tax benefit, share of net loss in the Company’s two real estate joint ventures (the “Joint Ventures”), gain on contribution of assets to Joint Ventures, gain on sale of investments in Joint Ventures, dilution gains from investments in the Joint Ventures, non-cash pension expense, depreciation and amortization expense, impairment and other non-cash expenses and non-cash share based compensation expense. EBITDAR is defined as EBITDA before rent expense to third parties and net rent expense to Joint Ventures.

Adjusted EBITDA is defined as EBITDA adjusted to exclude: (i) business and organization restructuring/realignment charges; (ii) merger/acquisition costs and expenses; and (iii) normalization and joint venture adjustments, including those related to purchase accounting, if any, related to transactions that are not associated with day-to-day operations. Adjusted EBITDAR is defined as Adjusted EBITDA excluding third party rent expense, cash rent to Joint Ventures and cash distributions from Joint Ventures.

The Company has included EBITDA, Adjusted EBITDA and Adjusted EBITDAR to provide investors and others with supplemental measures of its operating performance. The Company believes EBITDA, Adjusted EBITDA and Adjusted EBITDAR are important supplemental measures of operating performance because they eliminate items that have less bearing on the Company’s operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. The Company also believes that securities analysts, investors, rating agencies and other interested parties frequently use EBITDA, Adjusted EBITDA and Adjusted EBITDAR in the evaluation of issuers, many of which present similar metrics when reporting their results. The Company’s management also uses Adjusted EBITDAR in order to facilitate retail business operating performance comparisons from period to period, prepare annual operating budgets and assess its ability to meet its future debt service, capital expenditure and working capital requirements and our ability to pay dividends on our Common Shares. As other companies may calculate EBITDA, Adjusted EBITDA or Adjusted EBITDAR differently than the Company, these metrics may not be comparable to similarly titled measures reported by other companies.

This press release makes reference to certain comparable financial results expressed on a constant currency basis, including comparable sales and comparable digital sales. The Company calculates comparable sales on a year-over-year basis from stores operating for at least 13 months and includes digital sales and clearance store sales. In calculating the comparable sales change, including digital sales, on a constant currency basis, prior year foreign exchange rates are applied to both current year and prior year comparable sales. Additionally, where an acquisition closed in the previous twelve months, comparable sales change on a constant currency basis incorporate results from the pre-acquisition period. This enhances the ability to compare underlying sales trends by excluding the impact of foreign currency exchange rate fluctuations as well as by reflecting new acquisitions. Definitions and calculations of comparable sales and comparable digital sales differ among companies in the retail industry. The Company notes that results from acquisitions are only incorporated in the Company’s reported consolidated financial results from and after the acquisition date.

About Hudson’s Bay Company

Hudson’s Bay Company is one of the fastest-growing department store retailers in the world, based on its successful formula of growing through acquisitions, driving the performance of high quality stores and their all-channel offerings and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes ten banners, in formats ranging from luxury to premium department stores to off price fashion shopping destinations, with more than 480 stores and 66,000 employees around the world.

In North America, HBC’s leading banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks OFF 5TH, along with Home Outfitters. In Europe, its banners include GALERIA Kaufhof, the largest department store group in Germany, Belgium’s only department store group Galeria INNO, as well as Sportarena.

HBC has significant investments in real estate joint ventures. It has partnered with Simon Property Group Inc. in the HBS Global Properties Joint Venture, which owns properties in the United States and Germany. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture.

Forward-Looking Statements

Certain statements made in this news release are forward-looking within the meaning of applicable securities laws, including, among others, with respect to improving the efficiency of the organization and opportunities to increase profitability, the Company’s commentary on and revised outlook in respect of sales, Adjusted EBITDA and Adjusted EBITDAR, and other statements that are not historical facts. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology.

Implicit in forward-looking statements in respect of sales, Adjusted EBITDA and Adjusted EBITDAR, are certain current assumptions, including, among others, the Company achieving additional savings from operational initiatives, the Company’s anticipated total capital investments, net of landlord incentives, between $660 million and $710 million, the Company opening new stores in North America, the Company maintaining a significant ownership interest in the HBS Joint Venture and the RioCan-HBC Joint Venture, and assumptions regarding the overall retail environment and currency exchange rates for Fiscal 2016. Specifically, we have assumed the following exchange rates for Fiscal 2016: USD:CAD = 1:1.32 and EUR:CAD = 1:1.45. These current assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of the Company, including with respect to our anticipated sales, Adjusted EBITDA and Adjusted EBITDAR, are subject to a number of risks and uncertainties, including, among others described below, general economic, geo-political, market and business conditions, changes in foreign currency rates from those assumed, the risk of unseasonal weather patterns and the risk that the Company may not achieve the contemplated cost savings and synergies, and could differ materially from what is currently expected as set out above.

Although HBC believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking statements for a variety of reasons. Some of the factors – many of which are beyond the Company’s control and the effects of which can be difficult to predict – include, among others: ability to execute retailing growth strategies, ability to continue comparable sales growth, changing consumer preferences, marketing and advertising program success, damage to brands, dependence on vendors, ability to realize synergies and growth from strategic acquisitions, ability to make successful acquisitions and investments, successful inventory management, loss or disruption in centralized distribution centres, ability to upgrade and maintain our information systems to support the organization and protect against cyber-security threats, privacy breach, risks relating to our size and scale, loss of key personnel, ability to attract and retain qualified employees, deterioration in labour relations, ability to maintain pension plan surplus, funding requirement in Saks’ pension plan, funding requirement of the HBC Europe pension plans, limits on insurance policies, loss of intellectual property rights, insolvency risk of parties which we do business with or their unwillingness to perform their obligations, exposure to changes in the real estate market, successful operation of the Joint Ventures to allow the Company to realize the anticipated benefits, loss of flexibility with respect to properties in the Joint Ventures, exposure to environmental liabilities, liabilities associated with Target Corporation and its affiliates and other third parties who have assumed leases from the Company, changes in demand for current real estate assets, increased competition, change in spending of consumers including the impact of unfavourable or unstable political conditions and terrorism, international operational risks, fluctuations in the U.S. dollar, Canadian dollar, Euro and other foreign currencies, increase in raw material costs, seasonality of business, extreme weather conditions or natural disasters, ability to manage indebtedness and cash flow, risks related with increasing indebtedness, restrictions of existing credit facilities reducing flexibility, ability to maintain adequate financial processes and controls, ability to maintain dividends, ability of a small number of shareholders to influence the business, uncontrollable sale of the Company’s Common Shares by significant shareholders could affect share price, constating documents discouraging favorable takeover attempts, increase in regulatory liability, increase in produce liability or recalls, increase in litigation, developments in the credit card and financial services industries, changes in accounting standards and other risks inherent to the Company’s business and/or factors beyond the Company’s control which could have a material adverse effect on the Company.

HBC cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause HBC’s actual results to differ from current expectations, please refer to the “Risk Factors” section of HBC’s annual information form dated April 28, 2016, as well as HBC’s other public filings, available at and at

The forward-looking statements contained in this news release describe HBC’s expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, HBC does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

Kathleen de Guzman

Elliot Grundmanis

Andrew Blecher

Source: Hudson’s Bay Company

Rite Aid Corporation announces sales results for November

CAMP HILL, Pa., 2015-12-4 — /EPR Retail News/ — Rite Aid Corporation (NYSE: RAD) today announced sales results of its retail pharmacy segment for November.

Monthly Sales
For the five weeks ended Nov. 28, 2015, same store sales increased 0.9 percent over the prior-year period. November front-end same store sales increased 1.2 percent. Pharmacy same store sales, which included an approximate 267 basis points negative impact from new generic introductions, increased 0.7 percent. Prescription count at comparable stores increased 0.8 percent over the prior-year period.

Total drugstore sales for the five-week period decreased 0.6 percent to $2.556 billion compared to $2.571 billion for the same period last year. Prescription sales accounted for 69.2 percent of drugstore sales, and third party prescription sales represented 97.9 percent of pharmacy sales.

Quarterly Sales
Same store sales for the 13-week period ended Nov. 28, 2015 increased 0.9 percent over the prior-year period. Front-end same store sales increased 0.3 percent while pharmacy same store sales increased 1.2 percent. Prescription count at comparable stores increased 0.2 percent over the prior-year period.

Total drugstore sales for the 13 weeks ended Nov. 28, 2015 increased 0.8 percent with sales of $6.701 billion compared to $6.651 billion for the same period last year. Prescription sales represented 69.9 percent of total drugstore sales, and third party prescription sales represented 97.9 percent of pharmacy sales.

Same store sales for the 39-week period ended Nov. 28, 2015 increased 1.9 percent over the prior-year period. Front-end same store sales increased 0.4 percent while pharmacy same store sales increased 2.6 percent. Prescription count at comparable stores increased 0.6 percent over the prior-year period.

Total drugstore sales for the 39 weeks ended Nov. 28, 2015 increased 1.8 percent with sales of $19.906 billion compared to $19.553 billion for the same period last year. Prescription sales represented 69.5 percent of total drugstore sales, and third party prescription sales represented 97.8 percent of pharmacy sales.

Rite Aid is one of the nation’s largest drugstore chains. On Nov. 28, 2015, the company operated 4,560 stores compared to 4,572 stores in the like period a year ago. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at Note that all sales data in this release is preliminary, unaudited and subject to revision.

Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties that are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Rite Aid expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.



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Media: Susan Henderson 717-730-7766