Hudson's Bay (HBAYF) reported Q1 2018 results that show some signs of improvement, driven by particularly strong performance at its Saks Fifth Avenue banner. While Hudson's Bay still reported an overall comparable store sales decline of 0.7%, this was its best performance since Q4 2015. However, the European operations are a significant concern, with the -6.6% decline in Q1 2018 being the worst result by a considerable margin since Hudson's Bay acquired Galeria Kaufhof. If the European operations stayed at around -3% instead, Hudson's Bay's overall comps would have been slightly positive.