HBC announces Saks Off 5th expansion in Germany
The Hudson’s Bay Company, the parent company of Saks Fifth Avenue, announced during its fourth-quarter results conference call on Tuesday, plans to expand in Germany.
The department store operator says it plans to open 40 Saks Off Fifth discount stores in Germany, in 2017.
Last year, HBC bought Galeria Kaufhof, the largest department stores in both Germany and Belgium. The new Saks Off Fifth stores will open in locations already owned by the parent company.
The expansion plan is part of HBC’s nearly $1.5 billion investment in its European properties over the next seven years.
The company reported on Tuesday that its cost of sales rose 74 percent in the fourth quarter which ended January 30.
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