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HBAYF - Hudson's Bay: Gross Margin Challenges In Second Quarter
Hudson's Bay Co.
Hudson's Bay's (HBAYF) core operations (Hudson's Bay, Saks Fifth Avenue and Saks OFF 5TH) have come under some pressure as well due to a very promotional market environment. This has dented its gross margins and kept continuing operations comps at around flat, despite the positive effect of the divestiture of Lord + Taylor, which had dragged down Q1 2019 total company comps by around -2.4% by itself.
While Hudson's Bay's core retail performance has only been okay, the value of the company remains in its real estate, and the special committee is still