Retail Ventures Narrows Q1 Loss on 9.8% Sales Gain

Retail Ventures, Inc. announced net sales for the first quarter ended May 1, 2004 increased 9.8% to $646.3 million from $588.5 million for the 2003, a $57.8 million increase over the prior year period. Comparable store sales for the thirteen-week period increased 4.2% when compared to the same period last year.

The net loss for the quarter was $1.5 million, or five cents per diluted share, compared to a net loss of $13.2 million, or 39 cents per share on a diluted basis last year.

Operating profit for the quarter was $5.7 million, an increase of $18.5 million over the prior year's loss of $12.8 million.

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

                                                        Thirteen Weeks Ended
                                                         May 1,        May 3,
                                                          2004          2003
    Net sales, excluding sales of licensed
     departments                                      $646,300      $588,532
    Cost of sales                                     (386,867)     (371,812)
    Gross profit                                       259,433       216,720
    Selling, general and administrative expenses      (255,259)     (231,041)
    License fees and other income                        1,557         1,501
    Operating profit (loss)                              5,731       (12,820)
    Interest expense, net                               (8,340)       (9,583)
    Loss before benefit for income taxes                (2,609)      (22,403)
    Benefit for income taxes                             1,062         9,230
    Net loss                                           $(1,547)     $(13,173)

    Basic and diluted loss per share:
    Net Loss                                            $(0.05)       $(0.39)

    Same store sales:
      Value City Department Stores                        (1.1)%        (4.0)%
      DSW Shoe Warehouse                                  10.6          (3.6)
      Filene's Basement                                   15.8          (8.1)
    Total                                                  4.2 %        (4.4)%

    Store count at end of period:
      Value City Department Stores                         116           116
      DSW Shoe Warehouse                                   151           129
      Filene's Basement                                     24            20
    Total                                                  291           265