Value City widens loss
June 11, 2003,
Columbus, OH — Hobbled by stagnant sales, rising costs, lower margins and sharply higher interest expense, Value City Department Stores recorded a widening first-quarter loss of $13.1 million, almost triple the size of a year-ago deficit of $4.8 million.
Sales at the diversified retailer — parent of Value City, Filene's Basement and DSW Shoe Warehouse — were virtually flat, inching up by 0.4 percent, to $488.5 million from $585.9 million in 2002. In a weak retail environment, same-store sales fell by 4.4 percent, compared to a flat performance last year.
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