Hudson's Bay Co. shares traded down more than nine per cent on Friday, a day after the company released disappointing quarterly earnings and announced it is cutting about 2,000 jobs. CEO Jerry Storch told analysts in a conference call Friday that the company's transformation plan is intended to put HBC ahead and stay ahead of rapid industry trends, which include a shift from in-store to online shopping. The company released its first-quarter results after markets closed Thursday and performed worse than analysts anticipated in a number of categories, including revenue and earnings per share. RBC Capital Markets analysts Sabahat Khan and Irene Nattel wrote in a note that they expected HBC's shares to be weak Friday. The company's shares were down nine per cent or 88 cents to $8.74 in late morning on the Toronto Stock Exchange.

Source: CBC News June 09, 2017 15:56 UTC