Smaller Retail Ventures swings to profitability
April 25, 2008-- Home Textiles Today,
Columbus, Ohio – Freed of the drag on profits and sales growth that the Value City discount chain had exerted, the two remaining divisions of Retail Ventures Inc. put up much improved results for the fourth quarter and fiscal year ended Feb. 2, 2008.
RVI reported income of $202.1 million from continuing operations – a dramatic reversal from the loss of $128.6 million from continuing operations in the prior year.
RVI posted 2007 sales of $1.87 billion, up 9.4% from 2006. The comp store gain was 0.3%.
The Filene’s Basement division, which sells off-price apparel and home textiles in 36 major market stores, posted sales of $466.3 million, up 8.3% and a comp gain of 3.6%.
RVI’s other division is DSW, the off-price footwear enterprise, which recorded 2007 sales of $1.40 billion, a 10.0% gain from 2006, but where comps fell 0.8%.
As a whole, RVI fourth quarter sales contracted 1.5% to $452.0 million, with a company-wide comp decline of 0.1%.
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