Toronto-based retailer Hudson's Bay (HBAYF) is said to be considering more acquisitions, even as it undertakes an aggressive cost cutting plan. The company, which owns Hudson's Bay, Saks Fifth Avenue and Germany's Kaufhof, "is very focused on our core operations," executive chairman Richard Baker said, the Financial Post reports.

The company's cost cutting efforts follow disappointing fourth quarter earnings results.

"Acquisitions is part of our strategy and we look to do deals that are accretive for our shareholders," Baker continued.

Hudson's Bay stock was climbing by 9.17% to $7.89 on Wednesday afternoon.