Retail Ventures, Inc. announced its consolidated financial results for the first quarter ended April 30, 2005. Net sales for the thirteen-week period increased 5.2% to $680.0 million from $646.3 million for the quarter ended May 1, 2004, a $33.7 million increase over the year-ago period. The company's comparable store sales for the quarter decreased 2.5% when compared to the same period last year. The net loss for the quarter was $11.5 million, or 32 cents per diluted share, compared to a net loss of $1.9 million, or 6 cents per diluted share last year. For the quarter, DSW saw comp sales increase 4.4% on top of an 11.0% increase in the same quarter last year.
Retail Ventures, Inc. currently operates 114 Value City Department Stores in the Midwest, mid-Atlantic and southeastern U.S., 27 Filene's Basement stores in the Northeast and 177 better-branded DSW stores in major metropolitan areas throughout the country. DSW also supplies, under supply arrangements, to 206 locations for other non-related retailers in the United States.
RETAIL VENTURES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Thirteen Weeks Ended
April 30, May 1,
2005 2004
Restated *
Net sales $680,045 $646,300
Cost of sales (411,653) (386,867)
Gross profit 268,392 259,433
Selling, general and
administrative expenses (279,342) (254,606)
License fees and other income 1,518 1,557
Operating (loss) profit (9,432) 6,384
Interest expense, net (9,635) (9,395)
Loss before income taxes (19,067) (3,011)
Benefit for income taxes 7,608 1,062
Net loss $(11,459) $(1,949)
Basic and diluted loss per share: $(0.32) $(0.06)
Shares used in per share calculations:
Basic 36,164 33,860
Diluted 36,164 33,860
* The Company restated its consolidated balance sheet at May 1, 2004
and the consolidated statement of operations for the quarter ended May
1, 2004 to correct certain errors in its accounting for two types of
leasing transactions.
Same store sales: **
Value City Department Stores (7.9)% (1.1)%
DSW 4.4 11.0
Filene's Basement 2.0 15.2
Total (2.5)% 4.2%
Store count at end of period:
Value City Department Stores 114 116
DSW 177 151
Filene's Basement 27 24
Total 318 291
** Business segments were realigned at the beginning of fiscal 2005 to
reflect how the Company establishes strategic goals and manages its
business. The realignment resulted in the Filene's Basement shoe business
being included within the DSW segment. The fiscal 2004 presentation has
been restated to conform with this realignment.
