Canadian retailer Hudson's Bay profit falls by 67%

Toronto, Canada - Canadian department store operator Hudson's Bay, which bought U.S. luxury chain Saks Inc for $2.4 billion last year, posted a lower fourth-quarter profit, hurt by higher expenses.

Net profit fell to C$29.1 million ($26.36 million), or 6 Canadian cents per share, in the quarter ended Feb. 1 from C$86.8 million, or 75 Canadian cents per share, a year earlier.

The company's net profit from continuing operations fell about 59 percent to C$37.4 million, or 11 Canadian cents per share.

Hudson's Bay posted an about 74 percent rise in retail sales to C$2.41 billion.

$1 = 1.1038 Canadian Dollars