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Hudson's Bay Company 2014 Annual Report

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HUDSON’S BAY COMPANY 2014 ANNUAL REPORT CELEBRATING A RICH AND STORIED HERITAGE AS NORTH AMERICA’S OLDEST COMPANY. DRIVING GROWTH THROUGH ICONIC RETAIL BRANDS AND A DYNAMIC REAL ESTATE PORTFOLIO. DIVERSE GEOGRAPHIC FOOTPRINT STORE COUNT PER NORTH AMERICAN REGION HUDSON’S BAY SAKS FIFTH AVENUE OFF 5TH SAKS FIFTH AVENUE HOME OUTFITTERS LORD & TAYLOR 10 18 9 15 2 3 2 3 1 1 1 1 1 12 1 5 1 1 2 2 9 1 31 16 34 10 2 2 1 1 6 4 2 2 12 1 1 1 1 4 2 1 1 2 2 2 1 1 12 1 3 1 3 1 4 5 1 4 3 2 2 1 1 1 1 3 1 2 1 1 1 3 1 10 1 8 TOTAL STORE COUNT AND SQ. FT. 1 90 38 50 77 67 HUDSON’S SAKS LORD & SAKS FIFTH HOME BAY FIFTH TAYLOR AVENUE OUTFITTERS 16,123 sq. ft. AVENUE 6,898 sq. ft. OFF 5TH 2,444 sq. ft. 4,499 sq. ft. 2,117 sq. ft. 322 HBC STORES IN NORTH AMERICA2 1. x1000 2. As of January 31st, 2015. SAME STORE SALES GROWTH3 FY 2013 HBC RETAIL SALES $5,223M + 2.7% FY 2014 HBC RETAIL SALES DSG LORD & TAYLOR HUDSON’S BAY + 1.5% $8,169M HOME OUTFITTERS FY 2013 NORMALIZED EBITDA SAKS FIFTH + 2.1% $405M AVENUE FY 2014 NORMALIZED EBITDA SAKS FIFTH AVENUE + 15.1% $612M OFF 5TH 3. Local currency basis. A Canadian icon Saks opened with over three its doors to centuries of brand New York City heritage, Hudson’s in 1924, realizing Bay helped build the vision of a the nation; making “unique luxury it Canada’s most store for fashionable prominent department living.” The Saks store and one of the Fifth Avenue brand most recognized is now synonymous brands in the country. around the world with luxury and style. HBC 2012-2014 CALENDAR YEAR SHARE PRICE RANGE WE OFFER A CAREFULLY CURATED $24 HBC CLOSING COLLECTION SHARE PRICE OF BRANDS. $21 2012 WE DELIVER $16.72 AN EXCEPTIONAL 2013 $18 $17.93 SERVICE 2014 EXPERIENCE. $24.56 $15 WE DELIGHT AND ENTERTAIN Common Shares of the Hudson’s Bay Company began trading on the Toronto OUR CUSTOMERS $12 Stock Exchange under the symbol “HBC” on November 20, 2012. AT EVERY TOUCHPOINT. FY 2014 FY 2014 HBC 2013–2014 DSG HBC DIGITAL DIGITAL SALES AS A DIGITAL SALES SALES $900M % OF RETAIL SALES 11% GROWTH +66% Established in 1826, Established in 1995, Founded in 1999, Lord & Taylor was Saks Fifth Avenue Home Outfi tters not only the fi rst OFF 5TH leads is Canada’s largest department store the market as the kitchen, bed, and in the U.S., it has premier luxury- bath specialty made history with value destination superstore, known a number of other and is renowned for for providing fi rsts including the its world-class and Canadians with fi rst to offer personal carefully curated off- stylish, quality shopping and the the-runway trends, home and lifestyle fi rst female President exceptional service, merchandise at of a department and extraordinary great value. store in the U.S. value on the biggest names in fashion. CONTINUING THE TRADITION OF INNOVATION, 2014 WAS A TRANSFORMATIVE YEAR FOR HBC. A MESSAGE FROM Richard Baker & Gerald Storch Dear Shareholders, Continuing the tradition portion of its Saks Fifth of innovation, 2014 was a Avenue fl agship in New York For more than 340 years, transformative year for HBC. City and two joint ventures Hudson’s Bay Company In addition to strong top focused on real estate growth Richard A. Baker, has been making history. line sales growth across the opportunities in the United Governor and Executive Chairman Founded in 1670 as “a Company, the integration States and Canada. These Company of Adventurers,” of Saks is already producing transactions continue our HBC charted new territory, results and HBC is now fi rmly history of surfacing value innovated trade and positioned as a leader from our substantial real commerce and, ultimately, in the luxury retail market, estate holdings, while helped inspire and build a as well as at the forefront of strengthening HBC’s balance nation. Today, HBC is North the off-price segment with sheet and fi nancial position. America’s oldest company Saks Fifth Avenue OFF 5TH. and operates some of the Finally, we have built a most iconic retail banners As we outlined last year, world-class leadership in the world – Hudson’s Bay, digital growth has been a team with the appointment Lord & Taylor, Saks Fifth key driver of our strategy of Jerry Storch as Chief Avenue and Saks Fifth Avenue and our investment has Executive Offi cer, Paul Beesly OFF 5TH. Our portfolio of delivered very strong returns. as Chief Financial Offi cer, brands offers a compelling Digital commerce sales grew and Ian Putnam as Chief assortment of apparel, to $900 million in 2014, led Corporate Development accessories, shoes, beauty by a 66% increase at DSG, Offi cer. The addition of these and home merchandise. and now represents 11% of three experienced executives, We are committed to HBC’s total sales. as well as the appointment providing great products, of Don Watros as President, an exceptional service On the real estate front, HBC International, greatly experience and elevated HBC recently announced enhance the management shopping environments for three major transactions; team and further positions Gerald L. Storch, our customers, both in store the $1.25 billion, 20-year HBC to fully execute on our Chief Executive Offi cer and online. mortgage on the ground strategic growth initiatives. 2014 HIGHLIGHTS 2014 moved us signifi cantly closer toward our long-term goal of achieving $10 billion in sales by 2018, with all businesses reporting same store sales growth, led by the strong performance of Saks Fifth Avenue OFF 5TH. Key results for the year were: Total retail Digital sales Same store sales Normalized sales of were $900 million, increased by 7.5%* EBITDA for approximately up $592 million from last year. On a local currency basis the year was same store sales results were: $8.2 billion, Gross profi t $612 million, up 56.4% year-over-year, • DSG: +1.5% or 7.5% of retail sales. primarily due to the increase of • Saks Fifth Avenue: +2.1% inclusion of Saks for the 120 basis points • Saks Fifth Avenue full fi fty-two week period. on a comparable basis. OFF 5TH: +15.1% *2.7% on a local currency basis. Building on these results and Bringing Saks Fifth the investments that HBC has made, we have outlined a number Avenue & Saks Fifth of strategic initiatives that we Avenue OFF 5TH to believe will drive growth at the Canada Company moving forward: We believe there is a substantial opportunity for Saks Fifth Avenue All-Channel Growth and Saks Fifth Avenue OFF 5TH in WE DELIVER With an estimated 70% of retail Canada. Relative to other nations, transactions infl uenced by digital, Canada has an under-developed BEST-IN-CLASS we are focused on creating a luxury market and, per capita, seamless connection between Canadians are outspending DIGITAL, MOBILE the online and in store experience. European and U.S. consumers on Historically, our digital capabilities luxury goods, with many of these AND OMNI-CHANNEL have been less developed than consumers travelling abroad many of our competitors, presenting to do so. Canada is also the top EXPERIENCES FOR a substantial opportunity for international ship-to destination OUR CUSTOMERS. growth. Accordingly, in 2014 for saks.com, signalling solid brand we increased our investment and awareness that resonates across the created HBC Digital to provide country. Meanwhile, the off-price common leadership to this market in Canada also presents a WE BELIEVE initiative, ensuring that we leverage tremendous opportunity for the the talent and best practices from Saks Fifth Avenue OFF 5TH brand. THERE IS A WHITE across the Company’s different We anticipate opening up to seven banners to deliver best-in-class full-line Saks Fifth Avenue locations SPACE BETWEEN digital, mobile and omni-channel and up to 25 Saks Fifth Avenue THE TRADITIONAL experiences for our customers. OFF 5TH locations over the coming While we have invested signifi cantly years. Our fi rst two Saks Fifth MASS DISCOUNTER in improving our digital channels Avenue stores will be located in and offerings, and will continue Toronto; a 150,000 square foot & THE DEPARTMENT to do so, we are just as focused on store in Toronto Eaton Centre, enhancing the in store experience and a 130,000 square foot store in STORE. SAKS FIFTH for our customers. The store Sherway Gardens, both slated to AVENUE OFF 5TH IS environment delivers a multi- open in the spring of 2016. Our fi rst sensory experience that continues Canadian Saks Fifth Avenue OFF WELL-POSITIONED to bring customers into our brick 5TH locations are also scheduled and mortar locations. These to open in that same time frame. TO FILL THIS VOID. environments allow us to dazzle and entertain our shoppers. As Driving Synergies we enter 2015 and beyond, we WE ANTICIPATE believe that retail will be won by and Effi ciencies those that offer an outstanding Following the acquisition of Saks OPENING UP TO shopping experience across Incorporated, we have targeted all channels. the realization of approximately SEVEN FULL-LINE $100 million of annualized pre-tax Expanding our synergies over three years. After SAKS FIFTH AVE. the fi rst full year with Saks in the Off-Price Business fold, we are happy to report we LOCATIONS Off-price presents an outstanding remain on plan and have been able growth opportunity for our to realize approximately $50 million AND UP TO 25 Company.
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