Hudson’s Bay raising less than planned in IPO
Toronto — Canada’s Hudson’s Bay Co. is set to raise C$365 million ($367 million) in its initial public stock offering, Reuters reported. The amount is lower than the retailer’s original target of about C$400 million.
Hudson’s Bay has priced the offering of 21.48 million shares at C$17 apiece, which is at the bottom of the company’s already lowered range of C$17 to C$18.
The company, which owns Lord & Taylor in the United States and Hudson’s Bay in Canada, had originally aimed for an offering price of C$18.50 to C$21.50 a share.
Fred’s Q3 income falls 27%
Memphis, Tenn. — Fred’s on Tuesday said third-quarter net income dropped 27% amid rising costs and declining same-store sales, as sales in its established stores dropped and its costs rose.
The company reported Tuesday that it earned $6.6 million in the three months through Oct. 27, compared with $9 million a year earlier.
Revenue rose 1% to $450.6 million. Same-store sales were down 2.5%.
General expenses rose 4% to $118.1 million, fueled in party by higher labor costs and new store opening costs.
Former Best Buy CMO joins Lowe’s
Mooresville, N.C. — Lowe’s Companies announced that that Marise Kumar has joined the company as senior VP strategy and modeling. She joins Lowe’s with more than 25 years of experience in brand management, general management and executive leadership, serving most recently as chief customer experience officer and chief marketing officer for Best Buy.
Kumar is responsible for identifying opportunities that will positively impact the customer experience. She will work closely with leaders in Customer Experience and across the organization to ensure these opportunities are practical, financially valid and create a compelling experience for customers across all channels.