COLUMBUS, Ohio, June 11 /PRNewswire-FirstCall/ -- Retail Ventures, Inc.(NYSE: RVI) today announced its consolidated financial results for the firstquarter ended May 3, 2008.
-- Total sales for the three months ended May 3, 2008 increased 0.1% to $466.3 million from $465.8 million for the three months ended May 5, 2007. The Company's same store sales decreased 4.3% for the comparable three months.
Three months ended May 3, May 5, 2008 2007 (in thousands) Total Sales: DSW $ 366,264 $356,997 Filene's Basement 100,020 108,842 $466,284 $465,839
Comparable Sales Percentage: DSW (5.4)% (3.6)% Filene's Basement (0.2)% 1.6 % (4.3)% (2.4)%
-- The income from continuing operations for the quarter was $32.8 million, or $0.63 per share on a diluted basis, compared to an income from continuing operations of $13.1 million, or $0.22 per share on a diluted basis last year.
The Company believes the non-cash accounting reduction of expensesassociated with the change in fair value of derivative instruments is notdirectly related to its retail operations and is therefore providingsupplemental adjusted results that exclude this item. This non-GAAP financialmeasure should facilitate analysis by investors and others who follow theCompany's financial performance. A reconciliation of non-GAAP results follows:
Three months ended May 3, May 5, 2008 2007 (in thousands) Operating profit: Non-GAAP operating profit $ 8,735 $28,479 Increase in fair value of derivative instruments 37,168 12,549 GAAP operating profit $45,903 $41,028
Three months ended May 3, May 5, 2008 2007 (in thousands, except per share amounts) (Loss) income from continuing operations: Non-GAAP (loss) income from continuing operations $(4,396) $553 Increase in fair value of derivative instruments 37,168 12,549 GAAP income from continuing operations $32,772 $13,102
Diluted (loss) earnings per share from continuing operations: Non-GAAP diluted (loss) earnings per share from continuing operations $(0.09) $0.01 Increase in fair value of derivative instruments 0.72 0.21 GAAP diluted earnings per share from continuing operations $0.63 $0.22
On January 23, 2008, Retail Ventures, Inc. disposed of an 81% ownershipinterest in its Value City operations. The results of the Value Cityoperations during the quarter ended May 5, 2007 are presented in discontinuedoperations in the Condensed Consolidated Statements of Operations.
Retail Ventures, Inc. is a leading off-price retailer operating as of May3, 2008, 36 Filene's Basement stores in major metropolitan areas in thenortheastern and midwestern United States and 269 DSW stores in majormetropolitan areas throughout the country. DSW also supplies shoes, undersupply arrangements, to 348 locations for other non-related retailers in theUnited States and operates an e-commerce site, DSW.com.
Webcast and Conference Call
To hear the Company's live first quarter earnings conference call, log onto www.retailventuresinc.com at 5:00 p.m. ET on June 11, 2008.
