For the first six months of 2005, Hbc experienced a sales decline of 1.5 percent to $3,079 million.These sales were unfavourably impacted largely by the issues related to the new operating system in major home fashion and a net reduction in the number of Zellers stores, but offset partly by increased sales related to store renovations to prototype and expanded assortments compared to last year. The Company's loss before interest and income taxes (EBIT) grew to $65 million in the first half of 2005 compared to $31 million in the same period in the previous year. Excluding restructuring costs of $6 million, recorded in the first quarter of 2005, the loss before interest and income taxes was $59 million. The loss per share in the first half of 2005 was $0.72 compared to $0.55 in the first half of 2004. Excluding the previously described restructuring costs, the loss per share in the first six months of 2005 was $0.66.
Hbc declared a quarterly dividend of $0.09 per share, payable October 31, 2005 to shareholders of record at the close of business on October 6, 2005.
Hbc is Canada's oldest corporation and largest department store retailer operating in department store (the Bay), mass merchandise (Zellers) and specialty (Home Outfitters) formats. With over 500 stores and nearly 70,000 associates located in every province in the country, their management team has a vision for growth and is committed to serving Canadians with the products and services they want, how and where they want them.
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