Retail Ventures explores profitability.(Business)

Home Textiles Today, September, 2004 by Hogsett, Don

COLUMBUS, OHIO -- Steering toward a turnaround, helped by rising sales and stronger margins, Retail Ventures Inc.--parent of Value City and Filene's Basement--recorded a second quarter profit of $1.2 million, recovering from a prior-year loss of $3.6 million. Sales at the off-price retailer increased 4.5 percent, to $631.7 million from $604.6 million the preceding year.

But same-store sales drifted down 1.7 percent, held in check by a 5.6 percent decline at the core Value City Department Store franchise. But two other retail formats both recorded improving comps. Same-store sales at DSW Shoe Warehouse rose 2.8 percent, compared with a prior-year gain of 4.5 percent; and same-store sales at Filene's Basement gained 5.1 percent versus a year-before gain...

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