DSW Comps Lead Retail Ventures to 45% Q4 Profit Increase

Retail Ventures, Inc. announced its consolidated financial results for the fourth quarter ended January 31, 2004.

Net sales for the thirteen-week period ended January 31, 2004 increased $41.7 million to $720.4 million from $678.8 million for the quarter ended February 1, 2003, a 6.1% increase over the prior year's thirteen-week period. The company's comparable store sales for the thirteen-week period increased 2.0% when compared to the same period last year. Operating profit for the quarter increased 45.0% over the prior year's quarter to $27.2 million from $18.7 million. The net income for the quarter was $11.5 million, or $0.25 per share on a diluted basis, compared to net income of $5.3 million, or $0.12 per share on a diluted basis last year.

Fiscal Year Ended January 31, 2004, compared to the Fiscal Year Ended
February 1, 2003:

Sales for the fiscal year ended January 31, 2004 were $2.6 billion compared to $2.5 billion for the fiscal year ended February 1, 2003. Total sales increased $143.5 million, or 5.9% compared to the corresponding period last year. The company's same store sales increased 1.2% for the fiscal year. Operating profit for the year was $28.4 million compared to a $30.6 million operating profit for the prior year. Net loss for the year ended January 31, 2004 was $4.4 million, or $0.13 per share on a diluted basis, compared to a net loss of $3.7 million, or $0.11 per share on a diluted basis for the prior year including the effect of the accounting change.

                            RETAIL VENTURES, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
               (Dollars in thousands, except per share amounts)
                                 (Unaudited)

                              Thirteen Weeks Ended    Fifty-two Weeks Ended
                            January 31,  February 1, January 31, February 1,
                                 2004         2003       2004        2003
    Net sales, excluding sales
     of licensed departments   $720,441     $678,755  $2,594,206  $2,450,719
    Cost of sales               433,923      422,520   1,593,214   1,514,629
    Gross profit                286,518      256,235   1,000,992     936,090
    Selling, general and
     administrative expenses    260,710      239,057     978,201     912,912
    License fees and other
     operating income             1,364        1,555       5,610       7,405
    Operating profit             27,172       18,733      28,401      30,583
    Interest expense, net         8,317        9,527      34,565      32,493
    Income (loss) before
     (provision) benefit
     for income taxes and
     cumulative effect of
     accounting change           18,855        9,206      (6,164)     (1,910)
    (Provision) benefit for
     income taxes                (7,381)      (3,874)      1,718         325
    Income (loss) before
     cumulative effect of
     accounting change           11,474        5,332      (4,446)     (1,585)
    Cumulative effect of
     accounting change,
     net of income taxes             --           --          --      (2,080)
    Net income (loss)           $11,474       $5,332     $(4,446)    $(3,665)

    Shares used in per
     share calculations:
       Basic                     33,799       33,705      33,753      33,665
       Diluted                   52,173       50,372      33,753      33,665

    Basic earnings (loss)
     per share:
    Income (loss) before
     cumulative effect of
     accounting change            $0.34        $0.16      $(0.13)     $(0.05)
    Cumulative effect of
     accounting change, net
     of income taxes                 --           --          --       (0.06)
    Basic earnings (loss)
     per share                    $0.34        $0.16      $(0.13)     $(0.11)

    Diluted earnings (loss)
     per share:
    Income (loss) before
     cumulative effect of
     accounting change            $0.25        $0.12      $(0.13)     $(0.05)
    Cumulative effect of
     accounting change, net
     of income taxes                 --           --          --       (0.06)
    Diluted earnings (loss)
     per share                    $0.25        $0.12      $(0.13)     $(0.11)

    Same store sales:
       Value City Department
        Stores                     (1.3)%       (5.7)%      (0.7)%      (5.1)%
       DSW Shoe Warehouse          11.0         (1.5)        5.6        (0.1)
       Filene's Basement            8.1         (4.1)        2.6         0.3
    Total                           2.0%        (4.8)%       1.2%       (3.5)%

    Store count at end of period:
       Value City Department
        Stores                                               116         116
       DSW Shoe Warehouse                                    142         126
       Filene's Basement                                      21          20
    Total                                                    279         262