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
