BERLIN: Hudson’s Bay Co. raised its sales expectations on Wednesday as it completed the acquisition of German department store chain Galeria Kaufhof and acknowledged there may be other ways to save money across its operations.
The Canadian retailer said it expects sales will “increase significantly” to a range of $11 billion to $11.5 billion from previous guidance for between $9 billion and $9.3 billion for its 2015 financial year, which ends in January.
Sales are expected to rise to between $14.5 billion and $15.5 billion for the 2016 financial year.
The increased expectations come after Hudson’s Bay (TSX:HBC) announced plans Tuesday to lay off 265 corporate office employees in North America in an effort to save an extra $75 million starting this financial year.
