Retail Ventures charts negative territory.(Business Today)
Home Textiles Today, December, 2004 by Hogsett, Don
COLUMBUS, OHIO -- Hobbled by falling same-store sales and sharply rising costs, Retail Ventures Inc., parent of Value City and Filene's Basement, recorded a $940,000 third quarter loss, con> pared with a prior-year profit of $901,000. Helped by continued expansion, overall sales at the diversified retailer improved 2.8 percent, to $699.7 million from $680.6 million last year.
But the crucial gauge of same-store sales slumped 4.1 percent, with all of the damage to comps done by a steep 7.8 percent slide at Value City Department Stores, which offset modest gains elsewhere. Same-store sales ticked up 1.2 percent at Filene's Basement, and 0.7 percent at DSW Shoe Warehouse. Putting the bottom line under heavy pressure, in addition to falling comps,...
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