Domestics show spark at Filene’s Basement
September 9, 2008,
Columbus, Ohio – The recently streamlined home assortment at off-price chain Filene’s Basement rang in some positive comps during the second quarter, parent company Retail Ventures Inc. reported during its earnings conference call Monday evening.
Second quarter sales at 36-store Filene’s Basement fell 11.5%, however, to $102.6 million. Total corporate sales for edged down 1.0% to $459.8 million.
Filene’s comps, on the other hand were the RVI bright spot, up 1.4% -- compared to a 6.9% negative comp score by the footwear division, DSW.
For the three months ended Aug. 2, RVI recorded a net profit of $17.7 million or 36 cents per share. Year-to-date, the profit is $46.9 million or 93 cents per share.
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