TORONTO & NEW YORK–(BUSINESS WIRE)–HBC (TSX: HBC) is providing certain preliminary historical financial
information in accordance with U.S. Generally Accepted Accounting
Principles (“U.S. GAAP”) as a result of its previously disclosed
adoption of the accounting standard beginning in the first quarter of
fiscal 2019 for its consolidated financial statements in place of
International Financial Reporting Standards.
To ease the transition for HBC shareholders, the company has provided
preliminary, unaudited historical statement of operations, Adjusted
EBITDA, Adjusted EBITDAR and related non-U.S. GAAP reconciliations by
quarter for 2017 and 2018. In addition, the company has updated its
Adjusted EBITDA definition to detail the contribution from North
American retail operations and real estate joint ventures.
At the time HBC reports its first quarter 2019 results, the company
expects to provide historical retail sales and comparable sales by each
business unit, a consolidated balance sheet, and a consolidated
statement of cash flows for fiscal 2017 and 2018 by quarter.
Download preliminary historical financial results: http://investor.hbc.com/gaapconversion
Preliminary historical financial results have not been reviewed by the
company’s auditors and are subject to change as the company’s financial
results are finalized.
About HBC
HBC is a diversified retailer focused on driving the performance of high
quality stores and their omnichannel platforms and unlocking the value
of real estate holdings. Founded in 1670, HBC is the oldest company
in North America. HBC’s portfolio today includes formats ranging from
luxury to premium department stores to off price fashion shopping
destinations, with over 300 stores and about 40,000 employees. HBC’s
leading businesses across North America include Saks Fifth
Avenue, Hudson’s Bay, Lord & Taylor, and Saks OFF 5TH.
HBC also has significant investments in joint ventures. It has partnered
with Simon Property Group Inc. in the HBS Global Properties Joint
Venture, which owns properties in the United States. In Canada, it has
partnered with RioCan Real Estate Investment Trust in the RioCan-HBC
Joint Venture. HBC has partnered with SIGNA Retail Holdings for real
estate and retail joint ventures in Europe.
Contacts
Investor Relations:
Jennifer Bewley
Phone: (646)
802-4631
Email: [email protected]
Media:
Andrew Blecher
Phone: (646) 802-4030
Email: [email protected]
